Conflict of Interest- Oxy Corp is negotiating with the Wick Construction Co for the renovation ofthe Oxy corporate headquarters. Wick, the owner of the Wick Construction Co., is also one of the fivemembers of Oxy's board of directors. The contract terms are standard for this type of contract. Wick haspreviously informed two of the other directors of his interest in the construction company. Oxy's boardapproves the contract by a three-to-two vote, with Wick voting with the majority. Discuss whether thiscontract is binding on the corporation.