List the Functions That the Board of Directors of a Corporation

question 31

Essay

List the functions that the board of directors of a corporation must perform as specified by the Revised Model Business Corporations Act (RMBCA).

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Definitions:

Bankruptcy

A legal procedure for dealing with debt problems of individuals and businesses; officially declared inability to pay outstanding debts.

Promissory Estoppel

A legal principle that prevents a promisor from denying a promise when the promisee relies on it to their detriment.

Consideration

A fundamental concept in contract law that refers to something of value (such as money, a promise, or an act) exchanged between parties as part of a contract.

Bargained-For Exchange

A mutual agreement between parties in which each promises to give something in exchange for a benefit.