12 May DISCUSS THE GENERAL STANDARDS OF DUE CARE OF A DIRECTOR OF ACORPORATION AND DETERMINE WHETHER FRED IS LIABLE IN THIS SITUATION.
2.(TCO C D G) Fred is a directorof the ALLSTAR Corporation which is engaged in the business ofcreating and marketing toys and games. A proposal is made to theboard to manufacture and market a toy bird that really flies.Market surveys have been done to indicate that the toy would be agood seller and engineering studies have been done testing thefeasibility of such a product. Fred reviews this information andvotes in favor of producing this new toy. The vote was 7 to 4 infavor. ALLSTAR produces and markets this new toy bird but salesare very slow. After several years of losing money ALLSTARdiscontinues this toy. Tina a shareholder of ALLSTAR thinks thetoy bird venture was a waste of time and money. In fact she thinksthe idea was so bad that she sues Fred for breach of his fiduciaryduty of due care in making the decision to proceed with the bird.Discuss the general standards of due care of a director of acorporation and determine whether Fred is liable in this situation.(Points : 50)
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