UNFAIR TRADE PRACTICES DESTROY BUSINESS
DEFINITION OF UNFAIR TRADE PRACTICE
FALSE OFFER OF BARGAIN PRICE
FREE GIFTS OFFER AND PRIZE SCHEMES
4. NON-COMPLIANCE OF PRESCRIBED STANDARDS
HOARDING, DESTRUCTION, ETC.
INQUIRY INTO UNFAIR TRADE PRACTICES
MONOPOLISTIC TRADE PRACTICES
INQUIRY INTO MONOPOLISTIC TRADE PRACTICES
POWERS OF THE COMMISSION
REMEDIES UNDER THE ACT
a. Vertical Integration
b. Horizontal Integration
b. Territorial Restrictions
d. Max Retail Pricing
e. Market Survey
f. Price Fixation (Cartel Formation)
g. Tying Arrangements
h. Requirement Contracts
i. Collective Market Sharing
k. Trade Tariffs
LAWS TO RESTRICT UNFAIR TRADE PRACTICES
CHAPTER I .PRELIMINARY 19
Short title and commencement
CHAPTER II. PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO THE SECURITIES MARKET Prohibition of manipulative, fraudulent and unfair trade practices. •
CHAPTER III . INVESTIGATION
Powers of Investigating Authority
Enforcement by the Board
Repeal and savings
Are unfair trade practices only relevant to consumers?
UNFAIR TRADE PRACTICES DESTROY BUSINESS.
In the new corporate and business world today where there is cut throat competition the business persons daringly use unfair trade practices to edge over the other. This may give them advantage for short term but in long run it affects the organization and eventually the entire industry. There is always been confusion regarding the correct definition for unfair and restrictive trade practices, also the about which practices to be considered as unfair. Let us first define the term and the practices to be included. * DEFINITION OF UNFAIR TRADE PRACTICE.
:: In insurance, fraudulent or unethical practice that is illegal under state law. States may fine or revoke the licenses of agents and brokers for unfair trade practices, including misrepresentation, false advertising, misappropriation of policyholder's money, and Twisting. Many states have adopted the NAIC model Unfair Trade Practices Act. In this Part, unless the context otherwise requires "unfair trade practice" means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provisions of any services, adopts any unfair method or unfair or deceptive practice including any of the following practices, namely : (1) The practice of making any statement, whether orally or in writing or by visible representation which, (i) falsely represents that the goods are of a particular standard, quality, quantity, grade, composition, style or model; (ii) Falsely represents that the services are of a particular standard, quality or grade; (iii) falsely represents any re-built, second-hand, renovated, reconditioned or old goods as new goods; (iv) represents that the goods or services have sponsorships, approval, performance, characteristics, accessories, uses or benefits which such goods or services do not have; (v) represents that the seller or the supplier has a sponsorship or approval or affiliation which such seller or supplier does not have; (vi) makes a false or misleading representation concerning the need for, or the usefulness of, any goods or services; (vii) gives to the public any warranty or guarantee of the performance, efficacy or length of life of a product or of any goods that is not based on an adequate or proper test thereof : Provided that where a defense is raised to the effect that such warranty or guarantee is based on adequate or proper test, the burden of proof of such defense shall lie on the person raising such defense; (viii) makes to the public a representation in a form that purports to be (a) a warranty or guarantee of a product or of any goods or services; or (b) a promise...
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