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ABC Corporation has 15 Board of Directors. The bylaws of ABC requires 10 directors for there to be a quorum. Mr. Y, one of the directors, wanted to enter into a contract with the company. In a meeting called for that purpose, 10 directors attended included therein is Mr. Y. In said meeting, the contract was approved in favor of Mr.Y. What is the status of the contract entered into by the company with Mr.Y?  Based on your answer in the preceding question, what is needed to cure the defect of the contract?  pls help me. thank you

ABC Corporation has 15 Board of Directors. The bylaws of ABC requires 10 directors for there to be a quorum. Mr. Y, one of the directors, wanted to enter into a contract with the company. In a meeting called for that purpose, 10 directors attended included therein is Mr. Y. In said meeting, the contract was approved in favor of Mr.Y. What is the status of the contract entered into by the company with Mr.Y?  Based on your answer in the preceding question, what is needed to cure the defect of the contract?  pls help me. thank you

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter7: Common Stock: Characteristics, Valuation, And Issuance
Section: Chapter Questions
Problem 27P
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ABC Corporation has 15 Board of Directors. The bylaws of ABC requires 10 directors for there to be a quorum. Mr. Y, one of the directors, wanted to enter into a contract with the company. In a meeting called for that purpose, 10 directors attended included therein is Mr. Y. In said meeting, the contract was approved in favor of Mr.Y.

  1. What is the status of the contract entered into by the company with Mr.Y? 
  2. Based on your answer in the preceding question, what is needed to cure the defect of the contract? 

pls help me. thank you

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