Jack Jones was the president and chairman of the board of directors of Happy Imports, Inc. Jones was also a major shareholder of Happy Imports. Acting as president, Jones negotiated a series of contracts that caused the corporation serious economic losses. In this role, Jones failed to exercise the care of a reasonably prudent person acting in similar circumstances. When substantial economic losses began to pile up, Jones insisted that the corporation breach a contract with Tofu Time Inc. in favor of a larger contract that was later entered into with Magnificent Enterprises. Jones hoped to reverse Happy Imports economic fortunes through this contract with Magnificent, but the attempt failed. Happy Imports then became insolvent. Ultimately, the Happy Imports failed. Two law-suits were initiated against Jones. In the first, a creditor of Happy Imports who never was paid because the business failed sued Jones alleging that the negligence of Jones had caused Happy Imports to fail to pay the creditor what was owed. The second lawsuit instituted by Tofu Time claimed damages from Jones because Jones caused Happy Imports to breach its contract with Tofu Time. Decide both lawsuits and provide your reasoning.