Oxy Corp. is negotiating with the Wick Construction Co. for the renovation of the Oxy corporate headquarters. Wick, the owner of the Wick Construction Co., is also one of the five members of Oxys board of directors. 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. Oxys board approves the contract by a three-to-two vote, with Wick voting with the majority. Fully discuss using the IRAC method whether this contract is binding on the corporation.