Fact Pattern 20-1 Tonya Is the President of Big Corporation. Big Corporation Is

Multiple Choice

Fact Pattern 20-1
Tonya is the president of Big Corporation. Big Corporation is looking for land on which to build a new facility. Tonya locates suitable land, but purchases it for herself with plans to sell it at a profit at a later date. Rick, the majority shareholder of Big Corporation hears about Tonya's purchase and complains to her about it. She tells Rick that she viewed and purchased the land on her own time and that she did not breach any duties owed to the corporation. Rick tells her that she should reconsider and that he plans to discuss the matter with the rest of the board.
-Refer to Fact Pattern 20-1.Did Tonya violate any duties owed to the corporation?

A) Yes, by buying the land for herself without disclosure to the corporation, she violated the corporate opportunity doctrine.
B) Yes, by buying the land for herself without disclosure to the corporation, she violated the duty of responsible decision making.
C) Only if the land involved was worth over $50,000 did she violate any duties because any smaller amount would be considered de minimus.
D) No.