The board of directors of a corporation: multiple choice do not have the power to bind the corporation to contracts, due to lack of mutual agency. may not also be executive officers of the corporation, due to the separate entity principle. are responsible for day-to-day operations of the business. are elected by the corporate registrar. are responsible for and have final authority for managing corporate activities.

Garrett is an executive vice president at samm hardware. he researches a proposal by a larger company, maximum hardware, to combine the two companies. by analyzing past performance, conducting focus groups, and interviewing maximum employees, garrett concludes that maximum has poor profit margins, sells shoddy merchandise, and treats customers poorly. what actions should garrett and samm hardware take? a. turn down the acquisition offer and prepare to resist a hostile takeover. b. attempt a friendly merger and use managerial hubris to improve results at maximum. c. welcome the acquisition and use knowledge transfer to impart sam hardware's management practices. d. do nothing; the two companies cannot combine without samm hardware's explicit consent.