Anita, in Violation of a Specific Agreement Not to Extend

question 48

True/False

Anita, in violation of a specific agreement not to extend credit over $1,000 without the other partners' approval, extends credit of $2,000 to a friend. Anita will be held personally liable to the partners for any unpaid debt since she violated the duty of obedience.

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Definitions:

Sherman Act

A foundational antitrust law in the United States aimed at prohibiting monopolistic practices and promoting competition.

Antitrust Legislation

Laws implemented to prevent anti-competitive practices, monopolies, and to promote fair competition in the marketplace.

Triple Damages

A legal term referring to a form of punitive damages awarded by a court, where the amount of actual damages is tripled as a penalty or deterrent to the defendant.

Sherman Act

A foundational antitrust law in the United States aimed at preventing monopolies and promoting competition among businesses.