ABC Corporation has 15 Board of Directors. The bylaws of ABC requires 10 directors for there to be a quorum. Mr. Y, one of the directors, wanted to enter into a contract with the company. In a meeting called for that purpose, 10 directors attended included therein is Mr. Y. In said meeting, the contract was approved in favor of Mr.Y.

a.What is the status of the contract entered into by the company with Mr.Y? (5pts)

b.Based on your answer in the preceding question, what is needed to cure the defect of the contract? (10pts)