What is the definition of unfair competition?

Unfair competition is a legal term from the area of Commercial Law which refers to any form of competition that is considered to be unethical or improper. This type of competition generally takes place between two or more businesses, and involves the use of fraudulent or deceptive methods to gain an advantage in the marketplace. In South Carolina, the Unfair Trade Practices Act outlines specific behaviors which are considered to be unfair competition. This law aims to protect businesses from those who use false or misleading advertising, disparagement of goods of another, and misrepresentations of price or product origin. In addition, the State also classifies certain anti-competitive practices, such as bid-rigging and price-fixing, as illegal forms of unfair competition. Unfair competition can have a devastating effect on businesses, as it can lead to decreased profits, reputational damage, and a loss of customers. As such, it is important for business owners to be aware of unfair competition in South Carolina, and to take the necessary steps to protect their business from any form of unethical competition.

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What is the definition of unfair competition?

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