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A is corrent. It is sufficient that the transaction be a fair and reasonable transaction for the corporation at the fair market value. Actually, statement III by itself would also be sufficient, but this was not one of the choices.
B is incorrect because although statement III alone would have been sufficient, this was not one of the choices. Statement I by itself is sufficient.
C is incorrect because this could only avoid a conflict of interest if after she discloses her ownership of the land, a majority of disinterested members of the board approve the transaction. She cannot vote in this issue.
D is incorrect because statement I by itself is sufficient.