1 The board of directors of Asgard, Inc. authorizes a payment of $10 million to purchase land from

Vanaheim Corp. Loki Odinson works as the purchasing officer for Asgard, Inc. When Loki

learns that Vanaheim Corp. is willing to sell the land for $8 million, he purchases it himself and

sells it to Asgard, Inc. for the full $10 million, making $2 million in profit. Can Loki do this?

Explain.