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QUESTION
(a) Vincent, a director of the Santa Clara Corporation, sold a piece of vacant land to the Santa Clara Corporation for $700,000. The land cost him...
(a) Vincent, a director of the Santa Clara Corporation, sold a piece of vacant land to the Santa Clara Corporation for $700,000. The land cost him $300,000.
(b) Sampson, a shareholder of the Santa Clara Corporation, sold a used truck to the Santa Clara Corporation for $9,000, although the truck is worth $7,000.
Taylor, a minority shareholder of the Santa Clara Corporation, sued claiming that these sales are void and should be annulled. Is he correct? Why? Please explain.
