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What should businesses know about unfair competition?

| Mar 3, 2021 | Commercial Litigation

Competition can drive your business to cater to a niche audience or to offer innovative products, whether you operate in a particularly competitive market or act as an innovator in an up-and-coming field. However, if your competitors engage in deceptive, fraudulent or illegal practices to bring in customers, you may find your business unable to maintain its place in the market.

What does unfair competition entail?

Florida law outlines a number of different requirements for businesses in order to protect the public and to support other businesses that abide by the law. Unfair competition, on the other hand, encompasses a variety of different illegal trade practices that can endanger consumers and make it difficult for other businesses to engage in trade.

Some examples of unfair competition include:

  • Deceptive trade practices that deceive consumers about the manufacturer of a product, including fraudulent use of another company’s trademark
  • Intellectual property theft, including the theft of trade secrets
  • Exaggerated or false claims about a product
  • Selling products below cost or dumping in foreign markets
  • Spreading false claims or rumors about competitors

These trade practices deceive customers about the quality, source and benefits of the products they purchase.

If an unwarranted claim against your company, it can have a significant impact on the business’s reputation, finances and future. Likewise, unfair practices employed by a competitor can damage every business in the market and harm consumers in the process. If your business faces allegations or companies has concerns about the impact of a competitor’s inappropriate actions, you may want to speak to an attorney about your legal options.