Suppose that Loft’s board of directors had approved Pepsi-Cola’s use of its personnel and equipment. Would the court’s decision have been different? Discuss.

In the 1920s, Loft Candy Company (Loft, Inc.), based in Long Island City, New York, was a publicly held company with a $13 million candy-and-restaurant chain. The company manufactured its own candies, syrups, and beverages and sold its products in its more than one hundred retail locations throughout the Northeast. The retail stores featured old-fashioned soda fountains and were very popular. In 1930, Charles Guth became Loft’s president after a contentious stockholders’ meeting.