Final answer:
The promoter is not personally liable to perform under the contract after the corporation is formed.
Step-by-step explanation:
The statement in the question is False. If a promoter makes a contract on behalf of a not-yet-formed corporation, he is not personally liable to perform under the contract after the corporation is formed and adopts the contract. Once the corporation is formed, it becomes a separate legal entity from its promoters or shareholders. The corporation is responsible for fulfilling its contractual obligations.