Minnesota § 302A.331 CONTRACT RIGHTS

Minnesota Statutes

§ 302A.331 — CONTRACT RIGHTS

Minnesota § 302A.331

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 302ABUSINESS CORPORATIONS

This text of Minnesota § 302A.331 (CONTRACT RIGHTS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 302A.331 (2026).

Text

The election or appointment of a person as an officer or agent does not, of itself, create contract rights. A corporation may enter into a contract with an officer or agent for a period of time if, in the board's judgment, the contract would be in the best interests of the corporation. The fact that the contract may be for a term longer than the terms of the directors who authorized or approved the contract does not make the contract void or voidable.

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The election or appointment of a person as an officer or agent does not, of itself, create contract rights. A corporation may enter into a contract with an officer or agent for a period of time if, in the board's judgment, the contract would be in the best interests of the corporation. The fact that the contract may be for a term longer than the terms of the directors who authorized or approved the contract does not make the contract void or voidable.