The success of a business is often reliant on the name the business has built for itself. It might take time, but a company's brand is what keeps a business going and helps with the retention of consumers. So, when another company essentially steals certain components from a business and that business is harmed because of it, this could cause a commercial dispute due to unfair competition.
Unfair competition occurs when there is a deceptive or wrongful business practice that results in economic harm. This is a serious matter, and business tort laws are designed to stop unfair practice that could occur in the context of a business setting. Both federal and state laws have been passed to protect the economic, intellectual and creative investments of a business. When they are put in jeopardy, there are steps for a business to take.
There are various instances in which unfair competition could occur. For example, a trademark infringement, the unauthorized substitution of one brand of goods for another, misappropriation of trade secrets, false representation of products or service or false advertising. When a business is harmed by unfair competition, legal recourse may be available. Common remedies typically include an injunction and monetary damages.
Whether it is unfair competition, deceptive trade practices or any other type of unlawful business practice, it is important to understand your rights and options when it comes to addressing the economic harms caused by this matter. Commercial litigation could help resolve these matters, ensuring the damages suffered are also addressed.