There cannot be a valid contract without two parties thereto. Accordingly, a contract made by the promoters of a corporation before the corporation is created cannot bind the corporation.1 So a contract to locate the place of business of the corporation, made by the promoters,2 or to appoint a custodian of corporate funds,3 or to pay a bonus for selling stock,4 does not bind the corporation of its own force; nor can such a contract be enforced by the corporation.5 So an executory agreement to take a certain amount of the capital stock,6 or a contract giving a refusal to the corporation of all stock sold by promoters,7 cannot be enforced by the corporation, without further action on its part. So a contract by the creditors of a corporation to take in payment of their debts, notes to be issued by a corporation to be formed is without consideration.8 If the promoter makes a contract on behalf of the corporation for the purchase of certain property, and countermands it subsequently; and accordingly the corporation does not ratify such contract and does not receive anything of value under it, the corporation is not liable for such breach.9

4 Knickerbocker v. Mining Co., 172 111. 535; 64 Am. St. Rep. 54; 50 N. E. 330.

5 Chicago Deposit Vault Co. v. McNulta, 153 U. S. 554; Vanderbilt v. R. R., 43 N. J. Eq. 669; 12 Atl. 188.

1 Winters v. Mining Co., 57 Fed. 287; Moore, etc., Co. v. Hardware Co., 87 Ala. 206; 13 Am. St. Rep. 23; 6 So. 41; San Joaquin, etc., Co. v. West, 94 Cal. 399; 29 Pac. 785; Ruby, etc., Co. v. Gurley, 17 Colo. 199; 29 Pac. 668; New York, etc., R. R. v. Ketchum, 27 Conn. 170; Park v. Woodmen of America, 181 111. 214; 54 N. E. 932; Western, etc., Mfg. Co. v. Cousley, 72 111. 531; Gent v. Ins. Co., 107 111. 652; Smith v. Parker, 148 Ind. 127; 45 N. E. 770; Davis, etc., Co. v. Creamery Co.. 10 Ind. App. 42; 37 N. E. 549; Carey v. Mining Co., 81 Ia. 674; 47 N. W. 882; Tryber v. Cold Storage Co., 67 Kan. 489; 73 Pac. 83; Holyoke Envelope Co. v. Envelope Co., 182 Mass. 171; 65 N. E. 54; Abbott v. Hapgood, 150 Mass. 248; 15 Am. St. Rep. 193; 5 L. R. A. 586; 22 N. E. 907; Penn Match Co. v. Hapgood, 141 Mass. 145; 7 N. E. 22; Durgin v. Smith, -Mich. - ; 94 N. W. 1044; Battelle v. Pavement Co., 37 Minn. 89; 33 N. W. 327; Hill v. Gould, 129 Mo. 106; 30 S. W. 181; Davis v. Creamery Co., 48 Neb. 471; 67 N. W. 436; Munson v. R. R., 103 N. Y. 58; 8 N. E. 355; Tift v. Bank, 141 Pa. St. 550; 21 Atl. 660; Weatherford, etc., Co. v. Granger, 86 Tex. 350; 40 Am. St. Rep. 837; 24 S. W. 795; Bash v. Mining Co., 7 Wash. 122; 34 Pac. 462; Buffington v. Bardon, 80 Wis. 635; 50 N. W. 776; Standard, etc., Co. v. Publishing Co., 87 Wis. 127; 58 N. W. 238.