The Model Business Corporation Act (MBCA) Requires That a Director

question 38

True/False

The Model Business Corporation Act (MBCA) requires that a director or officer discharge his duties with such care as an ordinarily prudent person in a like position would use under similar circumstances.

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Definitions:

First Price

A type of auction format in which bids are submitted simultaneously, and the highest bidder pays their bid price to receive the item.

Chicken Tactic

A negotiation strategy where one party adopts a dangerous or risky position in the hope that the opposing party will yield or concede first.

Bluff

A strategy in negotiations or games where one pretends to have a stronger position or intent than is actually true.

Deadline

A fixed or set time by which something must be completed or submitted.