The employee desires to be employed by the company in a capacity in which he/she may receive, contribute, or develop confidential and proprietary information. Such information is important to the future of the company and the company expects the employee to keep secret such proprietary and confidential information and not to compete with the company during his/her employment and for a reasonable period after employment.
Types Of Unfair Competition In North Carolina
State:
Multi-State
Control #:
US-00046
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Any deceptive act or practice in the course of trade that causes, or is likely to cause, confusion with respect to another person or his activities, in particular with regard to the products or services offered by such person, shall constitute an act of unfair competition.
Two common examples of unfair competition are trademark infringement and misappropriation .
Named Acts of Unfair Competition These are actions specifically defined in the Law, such as: -product imitation, -service imitation, -bribery, -hindering access to the market -unfair advertising.
Monopolies, Trusts and Consumer Protection § 75-1.1. Methods of competition, acts and practices regulated; legislative policy. (a) Unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are declared unlawful.
You have a legal duty not to use unfair terms in the contracts you have with consumers. other common unfair terms include: those that deny the consumer full redress, impose unfair penalties, loss of prepayments, and allow businesses to vary the terms after the contract has been agreed.
The principal prohibition in the UDTPA is concise but powerful, stating “Unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are declared unlawful.” G.S. § 75-1.1.
An act or practice is unfair when it (1) causes or is likely to cause substantial injury to consumers, (2) cannot be reasonably avoided by consumers, and (3) is not outweighed by countervailing benefits to consumers or to competition.
North Carolina's UDTPA attracts plaintiffs because of the possibility of treble damages, which allows for three times actual, compensatory damages for conduct that is found to violate the law.
Generally, unfair competition consists of two elements: First, there is some sort of economic injury to a business, such as loss of sales or consumer goodwill. Second, this economic injury is the result of deceptive or otherwise wrongful business practice.
On April 1, 2022, UDAP Rule took effect. The rule was approved by the Minister of Finance on February 16, 2022. The rule strengthens the supervision of insurance industry conduct and enhances consumer protection by clearly defining outcomes that are unfair or otherwise harmful to consumers.