Is raphael correct in given contention and why

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a. Smith, a director of the Sample Corporation, sells a piece of vacant land to the Sample Corporation for $500,000. The land cost him $200,000.

b. Jones, a shareholder of the Sample Corporation, sells a used truck to the Sample Corporation for $8,400, although the truck is worth $6,000. Raphael, a minority shareholder of the Sample Corporation, claims that these sales are void and should be annulled. Is he correct? Why?

Reference no: EM131389522

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