Please answer this question: Should the contract between Oxy Corp and Wick Construction corp. be set aside or is it binding? What would have been the proper way for Wick to conduct himself at the Oxy board meeting?

40-1. Conflicts of Interest. Oxy Corp. is negotiating with Wick Construction Co. for the renovation of Oxy's cor- porate headquarters. Wick, the owner of Wick Construction Co., is also one of the five members of Oxy's board of direc- tors. 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 cor- poration. (See Duties and Liabilities of Directors and Officers.)