Question
1.Tonya is the president of Big Corporation. Big Corporation is looking for land on which to build a new facility. Tonya locates suitable land, but
1.Tonya is the president of Big Corporation. Big Corporation is looking for land on which to build a new facility. Tonya locates suitable land, but purchases it for herself with plans to sell it at a profit at a later date. Rick, the majority shareholder of Big Corporation hears about Tonya's purchase and complains to her about it. She tells Rick that she viewed and purchased the land on her own time and that she did not breach any duties owed to the corporation. Rick tells her that she should reconsider and that he plans to discuss the matter with the rest of the board. Which test is widely used to determine whether an opportunity belongs to a corporation?Explain/define the test.What is the right of the corporation if it is determined that an officer wrongfully takes an opportunity that belongs to a corporation?Explain/define this right.Did Tanya violate any duties owed to the corporation? Explain.
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