Unfair Competition in Texas
Individuals and businesses are commonly hurt by what is called "unfair competition." A competition, by its definition, necessitates fairness. When people practice unfair competition, it not only benefits them, it hurts others. Competition is a healthy part of an economy. It is what makes our economy function. With competition there is better product at better price, but what does it look like when you are hurt by these types of illegal business practices?
Standards for Fair Competition
In order for unfair competition to exist, there must be a standard for fair competition. Fair competition is essential to a healthily functioning economy. All businesses are in competition with each other, some more than others. There is also competition that takes place within a company itself evidenced by setting goals in order to reach higher levels of quality. Unfair competition comes into play when the same rules are not being followed all across the board. Many times, those who are benefiting from the unfair competition are doing so to the detriment of other businesses.
Types of Claims for Unfair Competition
Unfair competition may be deemed illegal, but not always. The terms can be somewhat ambiguous because rules and institutions are constantly in a state of flux. Unfair competition can be a part of many different types of claims.
Some of those claims include, but is not limited to, the following:
- Trademark infringement: Just as it sounds, trademark infringement is when an individual or business steals the idea or product that is the trademark, or exclusive property, of another individual. Stealing an idea or product in order to pass it off as your own is illegal and a violation of trademark.
- Trade Secrets: This occurs when a business or an individual obtains information that is not rightfully theirs for their financial gain. This may take on the form of bribes or espionage.
- Trade Libel: Libel is constituted by a false statement said publicly about another individual or corporation for their detriment. Trade libel in particular is when the falsehoods are about the quality of a company.
- Tortious Interference: This happens when a business relationship or contract is damaged. This breach of contract is considered illegal and a form of unfair competition.
If you are involved in a business dispute and believe that you are being harmed by unfair competition, you should seek legal help immediately. Unfair competition can be punishable by law, which could make you entitled to a settlement. The Federal Trade Commission bars companies and businesspeople from entering into unfair business and trade practices, so if you believe that this is going on in your situation, you shouldn't simply let the issue go. Unfair competition harms individuals and companies alike, which is why it is punishable by law.
Why Hiring an Arnold & Itkin Attorney Can Help
If you or your business is being hurt by unfair competition, then seek help from a litigation attorney at our firm immediately. At Arnold & Itkin, we have a long history of experience with business and commercial litigation. In fact, many of our attorneys have strong backgrounds in business, so they best know how to handle the law in your situation. You can trust our attorneys to offer you the highest quality of care and legal aggressiveness that you need.