Osiris Corporation located a piece of vacant land, which it thought was a good investment for speculative purpose. Tommy Tolles, a director, approached the owner before Osiris Corporation's real estate agent did and bought the property. Tolles later resold the property for a profit. The corporation wants to take action against Tolles. What can it do?

Question

Quizplus · Accepted Answer

Tolles breached his fiduciary duty by taking a corporate opportunity for himself. The corporation can remove him from the board and sue him for the profit he made.

Osiris Corporation Located a Piece of Vacant Land, Which It