The officers of West Corporation wish to buy some used equipment for West Corporation. The used equipment is actually owned by Parks, a director of West Corporation. For this transaction to NOT be a conflict of interest for Parks, which of the following is (are) required to be true?
I. Parks sells the used equipment to West Corporation in a contract that is fair and reasonable to the corporation.
II. Parks' ownership of the used equipment is disclosed to the shareholders of West who approve it by majority vote.
III. Parks' ownership of the used equipment is disclosed to the board of directors, who approve it by a majority vote of the disinterested directors.
a. Any one of I, II, or III.
b. I and II are both required.
c. I and III are both required.
d. All three of I, II, and III are required.
Answer: a