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Cengage Advantage Books: Foundations of the Legal Environment of Business 3rd Edition by Marianne Jennings
Edition 3ISBN: 978-1305117457Cengage Advantage Books: Foundations of the Legal Environment of Business 3rd Edition by Marianne Jennings
Edition 3ISBN: 978-1305117457 Exercise 11
W. Ham Jr. served on the board of directors for Golden Nugget, Inc., a Nevada corporation. In 1969, while Mr. Ham was a director and legal counsel for Golden Nugget, he obtained a leasehold interest with an option to purchase in the California Club. Mr. Ham leased the property from his former wife. Golden Nugget had been looking for property to expand and had, in fact, been expanding onto other lots in the area of the California Club. Which of the following statements is correct?
A) Mr. Ham has breached his fiduciary duty as a director.
B) Mr. Ham has usurped a corporate opportunity.
C) Mr. Ham does not have an obligation with regard to the corporation's potential expansion.
D) Both a and b
A) Mr. Ham has breached his fiduciary duty as a director.
B) Mr. Ham has usurped a corporate opportunity.
C) Mr. Ham does not have an obligation with regard to the corporation's potential expansion.
D) Both a and b
Explanation
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Brief of the case:
As per the facts per...
Cengage Advantage Books: Foundations of the Legal Environment of Business 3rd Edition by Marianne Jennings
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