Factors to be considered in determining whether the contract or transaction is “fair” to the corporation include an examination of the following:
(a) The price and terms of the contract or transaction (the price and terms of the contract or transaction may vary, but must be on a level which the Board of Directors would accept in an arm's-length negotiation, in light of the knowledge that the Board of Directors would reasonably have acquired in the course of such negotiation); and
(b) Whether the Board of Directors would reasonably determine that the contract or transaction was in the best interests of the corporation.