The Language of Section 1 of the Sherman Act Prohibits

question 55

True/False

The language of Section 1 of the Sherman Act prohibits every contract that restrains trade,and the courts have interpreted this prohibition literally so as to invalidate all such contracts.

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Definitions:

General Journal

A primary accounting record used to track all financial transactions of a business, entered in chronological order.

Office Supplies

Consumable items used in an office setting, such as paper, pens, and office equipment.

Unearned Revenue

Prepayment from customers for goods or services which have not yet been delivered or performed, representing a liability until the obligation is fulfilled.

General Journal

The general journal is an accounting ledger in which all types of transactions are initially recorded, formatted by date, before being transferred to specific accounts in the general ledger.