Bar Exam Fiduciary Duties & Liability Flashcards

What is the standard of conduct required to satisfy the duty of care for corporate directors and officers?

What is the business judgment rule?

When does a self-dealing transaction violate the duty of loyalty?

What approvals create a safe harbor for an interested transaction?

When is a director mandatorily indemnified by the corporation?

Under what circumstances is a corporation prohibited from indemnifying a director?

When does a controlling shareholder owe a fiduciary duty to minority shareholders?

When is a controlling shareholder liable for selling their control block at a premium?

What standard of care applies to LLC members' duty of care?

What actions breach the duty of loyalty in an LLC?