Question: Oxy Corp. is negotiating with the Wick Construction Co. for the renovation of the Oxy corporate head quarters. Wick, the owner of the Wick Construction

Oxy Corp. is negotiating with the Wick Construction Co. for the renovation of the Oxy corporate head quarters. Wick, the owner of the Wick Construction Co., is also one of the five members of the board of directors of Oxy. The contract terms are standard for this type of contract. Wick has previously informed two of the other directors of his interest in the construction company. Oxy’s board approves the contract by a three-to-two vote, with Wick voting with the majority. Discuss whether this contract is binding on the corporation.

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