As Fiduciaries of the Corporation, Directors Incur Liability for Losses

question 4

True/False

As fiduciaries of the corporation, directors incur liability for losses when they are caused by bad faith.

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Definitions:

Interface

In programming, an interface is a reference type that defines a set of abstract methods that a class must implement.

Concrete Class

A class that has an implementation for all of its methods, as opposed to abstract classes which can contain unimplemented methods.

Abstract Class

A class that cannot be instantiated and is designed to be subclassed, often containing one or more abstract methods which must be implemented by subclasses.

Inner Class

A class defined within another class in Java, useful for logically grouping classes that are only used in one place, improving encapsulation.