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A corporation's articles state that its purpose is to operate fitness studios. The corporation later signed a contract to buy software for an online nutrition program related to its fitness business. After receiving the software, the corporation tried to avoid the contract as ultra vires.
Which statement is most accurate under modern corporation law?

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Ultra vires makes every corporate act void, including payment of wages. Ultra vires applies only to partnerships, not corporations. Modern ultra vires doctrine is limited and generally does not let a corporation avoid an otherwise valid completed contract with an outside party solely because the act exceeded a purpose clause. Ultra vires automatically imposes personal liability on every shareholder for the contract.

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