Kirby subscribed to purchase 10,000 shares of stock to be issued by Globule Inc., an existing corporation. Globule accepted the subscription. The price set forth in the subscription agreement was $10 per share. When the time came for Kirby to pay the amount of his subscription, Kirby paid only $6 per share, claiming that such an amount represented the fair value of the shares. Globule delivered the stock certificates to Kirby for $6 per share. Is Kirby liable to Globule for the other $4 per share?
A. No, but he is liable for another $2 per share.
B. No, because regardless of what the subscription price was, he cannot be forced to pay more than the fair market value of the shares.
C. Yes, because Globule's stock does not have a par value.
D. Yes, because regardless of the fair value, a purchaser is liable for stocks issued for less than the par value.
Answer: D
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