Standards governing actions of corporate directors

The video tutorial explains the duties of care and loyalty for corporate directors. The duty of care requires directors to act as a reasonable person would, ensuring actions are legal, informed, and have a rational business purpose. The duty of loyalty mandates directors to act in the corporation's interest, avoiding self-dealing and not usurping corporate opportunities. Exceptions exist if opportunities are disclosed and declined by the corporation. Overall, directors must act in good faith, adhering to these duties to avoid breaches.

Describe the concept of self-dealing in the context of corporate governance.

What are the exceptions to the limitations on corporate opportunities?