MN Bar Practice Questions - Minnesota Bar Examination Exam

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A corporate director approves a contract between the corporation and a company the director secretly owns, profiting personally. A shareholder sues. Which fiduciary duty has the director most clearly breached?

The duty of care The duty of loyalty, owing to the undisclosed self-dealing transaction The duty to maximize quarterly profits No duty, because directors may freely contract

Correct Answer:

The duty of loyalty, owing to the undisclosed self-dealing transaction

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