1.A director is under a duty to declare conflicts of interest at a meeting of the directors as soon as he has knowledge of the conflict. The fact that all the directors already know about the director's conflict of interest in a particular transaction is sufficient and the director will not be in breach of duty if he fails to make a formal disclosure at a meeting of the directors

A.True

B.False

2.A contract between Owner and Contractor for the renovation of Owner's business premises, provides that "in the event the work is delayed due to neglect of the Contractor, the Contractor agrees to pay the Owner the sum of $1000 per day as liquidated damages until such time as the work is completed." The work is delayed as Contractor has redeployed his workers to another more lucrative project. Which statement below correctly states the legal position?

A.If Owner in fact suffers a loss of only $700 per day, he can claim only $700 per day

B.If Owner can prove he suffered $1500 per day, he can claim the full amount of $1500 for every day of delay

C.If Owner cannot prove he suffered substantial loss during the period of delay, he can claim only nominal damages for that period

D.If Owner in fact suffers a loss of only $700 per day, he can still claim $1000 for every day of delay