CASE 6 High Rise Apartments Lid. expressed an interest in the purchase of a large block of land suitable for development as an apartment site. The board of directors asked Sheldon Harris, one of the directors who was also a real estate broker, to investigate the possibility of the corporation purchasing the land for a reasonable price. Harris, without revealing that he was a director of High Rise Apartments Lid., contacted the president of Land Assembly Lid., the corporation that owned the land. He inquired as to the price the corporation was asking for the property. The president replied that the price was $500,000. Harris then offered to sell the land for Land Assembly Lid. for his "usual commission" as a real estate broker. The president of the corporation agreed to have Harris attempt to sell the property on its behalf, so Harris reported back to the board of directors at High Rise Apartments Lid. that the land was for sale at $525,000. Unknown to the remaining members of the board of directors, the following events occurred before discussion took place as to whether the corporation should purchase the land at the price of $525,000. Jeremiah Black and Rodney Jones, both directors of High Rise Apartments Lid., became interested in the land as a site for a shopping centre. They had incorporated a company for the purpose of buying the land if High Rise Apartments Lid. should decide not to purchase the property. (2) Nyssa Green, a director of High Rise Apartments Lid., was urged by her spouse, who was a minority shareholder in Land Assembly Lid., to speak and vote against the purchase because he felt that Land Assembly Lid. was selling the land for less than its true worth. (3) Sonya Patel, a director of High Rise Apartments Ltd., who was also a principal shareholder in Condominium Construction Company (a corporation interested in the parcel of land as a condominium site). was busy attempting to make an offer to purchase the property. When she heard of the offer from the president of Land Assembly Lid. to sell the property for $525,000, Patel slipped out of the directors' meeting and telephoned the president of Condominium Construction Company, urging him to call Land Assembly Lid. with a higher offer. A meeting of the board of directors of High Rise Apartments Lid. was called for the purpose of considering the purchase of the property at a price of $525,000. Isaac Davis, the chairman of the board, called for a vote on the purchase. Only Davis and Harris voted in favour. The remaining members of the board (Patel, Green, Black, and Jones) voted against the motion. After the purchase was rejected by the board of directors at High Rise Apartments Lid., both the company incorporated by Black and Jones and Condominium Construction Company attempted to purchase the land. When they contacted the president of Land Assembly Lid., he advised them to contact Harris, who was the real estate broker engaged to sell the property. Eventually, the property was sold to Condominium Construction Company for $560,000. Harris received a real estate commission on the sale of $26,000, which was paid to him by Land Assembly Lid. After the sale was completed. Davis discovered the facts surrounding the sale and the actions of the directors of High Rise Apartments Lid. Advise Davis of the legal issues raised in this case and the course of action he might follow. Indicate the arguments that might be raised if the matter came before the court, and render a decision