53.A contract that cannot possibly be performed within a year:

A.Meets contractual standards of impossibility.

B.Is a contingent contract.

C.Must be in writing to be enforceable.

D.Requires validation by the parties prior to performance.

54.Perry is the founder of a corporation. He owns 25% of the shares. His mother Penny is the majority shareholder, but was not involved in founding the company. She owns 60% of the shares. Both Perry and Penny are on the board of directors for the corporation. Which of the following is correct?

A.Perry owes the shareholders a fiduciary duty as the founder of the company.

B.Perry owes the shareholders a fiduciary duty as a co-shareholder with substantial voting rights.

C.As the founder, Perry may not agree to vote his shares any particular way with other shareholders.

D.Penny and Perry owe the corporation a fiduciary duty as directors.

E.Penny owes the shareholders a fiduciary duty as the majority shareholder.