In an Action Against Elin,Frank Obtains a Remedy

question 21

Multiple Choice

In an action against Elin,Frank obtains a remedy.This is

• A)an administrative agency's enforcement of its rule.
• B)a principle of the law derived from earlier court cases.
• C)a statute enacted by a state legislature or Congress.
• D)the legal means to recover a right or to redress a wrong.

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Definitions:

State Corporate Statutes

Laws enacted by states governing the formation, operation, and dissolution of corporations within that state.

Fiduciary Duty

An obligation to act in the best interest of another party, such as the relationship between a trustee and the beneficiaries of the trust.

Breach of Fiduciary Duty

Occurs when an individual in a trusted position fails to act in the best interests of another party whom he or she has a duty to.

Derivative Suit

A lawsuit brought by a shareholder on behalf of a corporation against a third party, often the corporation's executives or directors, claiming breach of duty.