What are the legally recognized types of unfair competition?

Unfair competition law is the legal branch of law that seeks to protect businesses from harm caused by other businesses, including preventing companies from competing unfairly against one another. In South Carolina, the state takes unfair competition very seriously, and has outlined several ways in which a company can be found to have participated in unfair competition. The four main forms of legally recognized unfair competition are: false advertising, trademark and copyright infringement, trade secret misappropriation, and tortious interference. False advertising occurs when a business makes misleading or deceptive claims about a product, service, or process in order to gain an advantage in its market. Trademark infringement occurs when a business uses a trademark without permission, or in a way that would confuse consumers as to the source of the product. Copyright infringement occurs when a business uses a copyrighted work without permission. Trade secret misappropriation occurs when a business illegally obtains sensitive business information from another business. Lastly, tortious interference occurs when a company engages in malicious activities that cause another company to suffer financially. In South Carolina, companies that are found to be engaging in unfair competition practices may face civil and criminal penalties, including fines, injunctions, and restitution or damages. It is important for businesses to be aware of the legal penalties associated with unfair competition, and to take proactive steps to prevent such practices.

What are the legally recognized types of unfair competition?

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