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Source Multistate Professional Responsibility Examination Complete Nevada Bar Exam Map List Showing the closest available flashcard practice.

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A corporation is seeking expansion sites for its retail stores. A director learns through board materials that a prime site is available and leases it personally before telling the corporation.
Which statement best describes the corporate-opportunity issue?

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A corporate opportunity exists only after the corporation signs a binding contract for it. A director may always take an opportunity personally if the director can move faster than the corporation. A protected corporate opportunity can exist when the opportunity is in the corporation's line of business and the fiduciary learned of it through the corporate role. A director avoids liability by resigning one minute before signing the personal contract.

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