Lydia Is a Director of a Company That Develops Expensive

question 74

Essay

Lydia is a director of a company that develops expensive residential subdivisions. The company is considering purchasing a large section of land on which to put a development. Lydia happens to own some of the land. What duty, if any, does she have regarding disclosure? Also discuss what steps, if any, should be taken by the board when considering the matter, and why, or why not they should take those steps.

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Definitions:

Written Offer

A formal proposal presented in written form by one party to another, stipulating the terms under which the offeror is willing to engage in a contract.

Sold

The act of transferring ownership of an item or service from one party to another in exchange for money or other compensation.

Clickwrap Agreement

A digital contract that requires users to agree to terms and conditions by clicking a button or checking a box before proceeding with the use of service or software.

Online Agreement

A contract entered into electronically via the internet, covering terms and conditions related to the use of websites or online services.