The officers of West Corporation wish to buy some used
equipment for West Corporation. The used equipment is actually
owned by Parks, a director of West Corporation. For this
transaction to not be a conflict of interest for Parks, which of the
following is (are) required to be true?
I. Parks sells the used equipment to West Corporation in a
contract that is fair and reasonable to the corporation.
II. Parks’ ownership of the used equipment is disclosed to the
shareholders of West who approve it by majority vote.
III. Parks’ ownership of the used equipment is disclosed to the
board of directors, who approve it by a majority vote of the