HOME

TheInfoList



OR:

Unfair business practices encompass
fraud In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compens ...
,
misrepresentation In common law jurisdictions, a misrepresentation is a false or misleading '' R v Kylsant'' 931/ref> statement of fact made during negotiations by one party to another, the statement then inducing that other party to enter into a contract. The m ...
, and oppressive or unconscionable acts or practices by
business Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separa ...
, often against
consumer A consumer is a person or a group who intends to order, or uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. ...
s, and are prohibited by law in many countries. In the
European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been de ...
, each member state must regulate unfair business practices in accordance with the Unfair Commercial Practices Directive, subject to transitional periods. In the United States, the
Federal Trade Commission The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction o ...
's Bureau of Consumer Protection works to prevent unfair business practices by: "collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their responsibilities." Individual states within the U.S. are also responsible for protecting consumers against unfair practices. The Consumer Protection Act, protects Alberta, Canada consumers from being taken advantage of. Unfair business practices may arise in many areas, including: *
Tenancy A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, ...
matters *Matters involving the advertising and sale of products and services to consumers *Matters involving
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
claims and the settlement thereof * Debt collection in cases of
default Default may refer to: Law * Default (law), the failure to do something required by law ** Default (finance), failure to satisfy the terms of a loan obligation or failure to pay back a loan ** Default judgment, a binding judgment in favor of e ...
In addition to providing for the award of compensatory
damages At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognised at ...
, laws may also provide for the award of punitive damages as well as the payment of the plaintiff's legal fees. At common law, individuals were not entitled to attorney's fees or punitive damages for wrongful acts committed by businesses in most states. Most often, laws prohibiting unfair business practices require consumers to send a demand letter to the business prior to commencing a lawsuit. If the business fails to make a reasonable offer of settlement within a specified period of time, and is subsequently found liable in court, it may be liable for punitive damages and the injured party's reasonable attorney's fees under many statutes. In some instances, the statutes provide for prevailing plaintiffs to recover double or triple the actual damages against non-settling defendants. When statutes prohibiting unfair and deceptive business practices provide for the award of punitive damages and
attorney's fee Attorney's fee is a chiefly United States term for compensation for legal services performed by an attorney (lawyer or law firm) for a client, in or out of court. It may be an hourly, flat-rate or contingent fee. Recent studies suggest that when ...
s to injured parties, they provide a powerful incentive for businesses to resolve the claim through the settlement process rather than risk a more costly judgment in court.


See also

*
Anti-competitive practices Anti-competitive practices are business or government practices that prevent or reduce competition in a market. Antitrust laws differ among state and federal laws to ensure businesses do not engage in competitive practices that harm other, usuall ...
*
Competition law Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrus ...
plan of business * Competition policy *
Consumer protection Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent business ...
*
Misleading or deceptive conduct Misleading or deceptive conduct (often referred to as just misleading conduct) is a doctrine of Australian law. Section 18 of the '' Australian Consumer Law'',''Competition and Consumer Act'' 2010 (CthSchedule 2, The Australian Consumer Law whi ...
(Australian law) * Restraint of trade * Sucker list *
Unfair competition Unfair may refer to: * Double Taz and Double LeBron James in multiverses ''fair''; unfairness or injustice Injustice is a quality relating to unfairness or undeserved outcomes. The term may be applied in reference to a particular event or situ ...


References


External Links

* Business law {{law-term-stub