Diane, a director and public relations executive of a corporation called Discount Department Stores Inc., ("DDS"), which owns fifteen department stores, was having lunch in a restaurant located next to the DDS headquarters building. She was approached by Alice, a real estate agent, who had met Diane sometime ago at a soccer game involving their children. Alice asked Diane if she could join her for lunch, indicating that she had a business matter she wished to discuss. Alice told Diane that she was the selling agent for the owner of a large piece of real estate with an asking price of $300,000. Diane was familiar with the real estate, having seen it several times while on her way to check progress on the construction of a new DDS department store, but until Alice told her, Diane was unaware it was for sale. Diane told Alice she would contact her later to discuss the real estate, but must hurry off to a DDS board of directors meeting slated to start in ten minutes at DDS headquarters.
The Corporate Opportunity Doctrine-Recent Cases and the Elusive Goal of Clarity,
U. Rich. L. Rev.
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