12 May WHO OR WHAT ARE THESE DUTIES DESIGNED TO PROTECT?
Duty of Care, the Duty of Loyalty, and the Business Judgment
Explain the requirements of the Duty of Care, the Duty of
Loyalty, and the Business Judgment rule. Who or what are these duties designed
to protect? Are these duties necessary? Why or why not? Use this week’s lecture
as a basis for your post.
Peppertree, Inc., hired Robert McClellan, a licensed
contractor, to repair a condominium complex that was damaged in an earthquake.
McClellan completes the work, but Peppertree fails to pay. McClellan is awarded
$181,000 in an arbitration proceeding. Peppertree then forms another
corporation and transfers all of its assets to the new corporation without
notifying McClellan. Can McClellan hold Peppertree’s shareholders personally
liable for the debt? Why or why not?Duty of Care, the Duty of Loyalty, and the Business JudgmentExplain the requirements of the Duty of Care, the Duty of
Loyalty, and the Business Judgment rule. Who or what are these duties designed
to protect? Are these duties necessary? Why or why not? Use this week’s lecture
as a basis for your post.Peppertree, Inc., hired Robert McClellan, a licensed
contractor, to repair a condominium complex that was damaged in an earthquake.
McClellan completes the work, but Peppertree fails to pay. McClellan is awarded
$181,000 in an arbitration proceeding. Peppertree then forms another
corporation and transfers all of its assets to the new corporation without
notifying McClellan. Can McClellan hold Peppertree’s shareholders personally
liable for the debt? Why or why not?
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