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Source Arson Complete Criminal Law List Showing the closest available flashcard practice.

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0 tracked cards Business Associations

A disinterested board studies three expansion options for several weeks, consults management and outside advisers, and selects one. The option later fails.
Which statement best describes the directors' likely fiduciary-duty defense?

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The business judgment rule requires directors to pick the most profitable option in hindsight. The business judgment rule usually protects directors from liability for an informed, disinterested, good-faith decision even if the decision turns out poorly. The business judgment rule makes directors personally liable for every corporate debt. The business judgment rule applies only if the corporation has no officers.

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