Several corporations were convicted of violating the Sherman Act as a result of an unlawful agreement among their agents that the suppliers who supportedan association to attract tourists would be...

Several corporations were convicted of violating the Sherman Act as a result of an unlawful agreement among their agents that the suppliers who supportedan association to attract tourists would be given preferential treatment over those who did not contribute financially to the association. The corporations appealed on the grounds that the corporate agents involved were acting contrary to general corporate policy. Was the defense valid?