Does hugecorp have a claim against jack

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Q. Jack is the purchasing agent for Hugecorp, Inc. He has been tasked with purchasing land where Hugecorp will build a new warehouse. Jack find outs a parcel of land he believes to be priced at half its market value. He forms a corporation called Land Bargains, Inc. and purchases the land in the name of the corporation for $100,000. On behalf of Hugecorp, he buys the land from Land Bargains, Inc. for $200,000. Elaine, a Hugecorp stockholder, has learned of this transaction and demands which Jack reimburse Hugecorp for his profit on the deal. Does Hugecorp have a claim against Jack? Examine the legal reasons for your answer.

Reference no: EM1386981

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