What could the available remedies be for the corporation

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Reference no: EM133610242

Assignment:

Using the following:

-A Canadian law perspective

-Focussing on the legislation surrounding the legal responsibility and duties expected of directors/top management of corporations

-The Law and Business Administration in Canada, 15e textbook

Please assist in answering the following question:

"Jane is the director of a private national company and has several friends who are the directors or officers of other large private national companies. One weekend, Jane and her family are invited to a barbecue at the home of Jane's good friend Edmund, who casually tells Jane as her friend that his company is about to sell a few franchises and that anyone can pick them up relatively cheap. Outline the competing arguments for the company and Jane, should she decide to buy one or more of the franchises and the company finds out what she has done and sues her. What is the most likely outcome of such a lawsuit?"

My perspective on this question is as follows: Jane would be intercepting a corporate opportunity and owes a duty to act in the best interest of the corporation she is currently the director of, before acting in her own best interest. She is required to give the corporation she works for the chance of first refusal before acting for herself. She also would have received insider information of specific, confidential, and price-sensitive information that lead to the purchase, which can be punishable as well.

Jane's defense case is also required, and I honestly don't have much to go off of. Besides, potentially the information she received was not confidential, but we know that her friend told her on the basis of their friendship.

If Jane were to get sued, what could the available remedies be for the corporation? What would the damages be?

Reference no: EM133610242

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