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A is corrent. An ultra vires doctrine applies when a corporation enters a contract outside the scope of its express or implied authority granted by its Articles of Incorporation. Since the state or shareholder has the right to object to an ultra vires act, a competitor could not object. A shareholder can institute a derivative action against directors and officers to recover damages for such acts.
B is incorrect. When an ultra vires contract has been executed on one side, most state courts hold that the nonperforming party may not raise the defense of ultra vires.
C is incorrect. When an ultra vires contract has been executed on one side, most state courts hold the nonperforming party may not raise the defense of ultra vires.
D is incorrect. When both parties have performed, neither party may sue to rescind an ultra vires contract.