What is full extent of financial liability of member abel

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Reference no: EM131561766

The Freeway View Condominium Association has organized itself as a "C" corporation. The Association is comprised of the owners of the 100 units of the Freeway View Condominiums, which overlook beautiful Interstate 93. Residents have contributed $1,000 to buy one share each in the Corporation. The Corporation in turn assesses a monthly fee from all members. The monthly fee pays for operating expenses such as trash collection and maintenance of common areas such as the parking lot, landscaping, and swimming pool, and building exteriors. Freeway View residents Abel, Baker, and Cain have been elected to serve as the three directors the Corporation.

Unhappy with the performance of XYZ Property Services, in December, 2010, the management committee votes to discontinue the Corporation's contract with XYZ after only six months of a one year contract for maintenance of common areas. XYZ is able to successfully prove in court that the Corporation wrongfully breached its contract with XYZ and that XYZ was entitled to $42,000, the value of its lost profit on the remainder of the breached contract.

What is the full extent of the financial liability of members Abel, Baker, and Cain to XYZ in this case? Explain your answer.

Reference no: EM131561766

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