Unfair competition hurts commercial good will and damages trade values and opportunities. If you are a company doing business in our current age, you will need an intellectual property strategy in place to protect your assets.
Unfair competition means any fraudulent, deceptive, or dishonest trade practice that is prohibited by statute, regulation, or the common law.
The law that protects against unfair competition is in place for a number of reasons:
- To protect the economic, intellectual, and creative investments made by businesses in order to distinguish themselves and their products.
- To preserve the good will that businesses have established with customers over time.
- To deter businesses from appropriating the good will of their competitors.
- To promote clarity and stability through the encouragement of customers to rely on a company’s trade name and reputation when evaluating quality and pricing of rival products.
- To increase competition through providing businesses with incentives to offer better goods and services than rivals in the same field.
Deceptive Trade Practices
Deceptive trade practices can diminish any value associated with a commercial activity, product, service, or business if they confuse customers, divert sales, tarnish the reputations of goods, services, and commercial activities. Deceptive trade practices also can result in economic loss and even injury. For example, a consumer might suffer injury if he or she mistakenly purchases a substandard product or service thinking that product or service is related to another company or manufacturer.
While these laws are in place to protect businesses and proprietors, there are other laws in place to protect consumers. This form of consumer protection falls under consumer protection law.
Businesses and proprietors may typically avail themselves of two remedies offered by the law of unfair competition:
- injunctive relief which is a court order restraining a competitor from engaging in a particular unlawful action and,
- money damages (compensation for losses caused by the unlawful practice).
State and Federal Laws
Unfair competition can involve both state and federal laws. Depending on the type of dispute and the issues involved, you will want to work with an attorney to assess which type of law (stave v. federal) is appropriate.
Reilly Intellectual Property Law Firm
Reilly Intellectual Property Law Firm provides patent services to protect the inventions that change and shape our world. We handle handles patents, trademarks, copyrights and licensing legal services in Denver. Our experienced attorneys provide strategic guidance, patent counseling and prosecution, new product clearance and licensing, as well as counsel regarding patent enforcement and how to avoid possible infringement issues.
Our patent attorneys actively and aggressively represent plaintiffs and defendants in a wide variety of proceedings before courts both domestically and internationally. We provide solutions that anticipate our client’s need to protect their intellectual property so that their business thrives. We would love to work with you to develop a dynamic strategy that addresses your patent, trademark, copyright, and licensing concerns.