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Trade Practices Examples In Maryland
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For example, in the construction industry, it is a trade practice to use certain specifications for the size, thickness, and quality of building materials. These specifications are commonly accepted and used by all businesses in the industry, ensuring consistency and quality in the final product.
The term “unfair trade practice” describes the use of deceptive, fraudulent, or unethical methods to gain business advantage or to cause injury to a consumer. Unfair trade practices are considered unlawful under the Consumer Protection Act.
Unfair trade practices include twisting facts, harsh treatment of workers, poor working and living conditions as well as not allowing workers to join labour unions. Work and exploitation People who are poor are often exploited in the trading system. When you are exploited, it means that someone treats you unfairly.
Noun. 1. : a trade practice with respect to the public or a competitor that is forbidden by statute and that is therefore subject to control by a federal trade commission. 2. : unfair competition.
Unfair trade practices refer to businesses using deceptive, fraudulent, or otherwise unethical methods to gain an advantage or turn a profit.
Deceptive trade practices in Maryland are dealt under Maryland Commercial Law Code, Title 13 (Consumer Protection Act), Subtitle 3 (Unfair or Deceptive Trade Practices) Section 13-301 et seq. Any advertisement of consumer goods or services without intent to sell, lease or rent are prohibited under Section 13-301.
Section 5 of the Federal Trade Commission Act (FTC Act) (15 USC 45) prohibits ''unfair or deceptive acts or practices in or affecting commerce. '' The prohibition applies to all persons engaged in commerce, including banks.
In Maryland, Unfair Competition is a tort that a party can establish proving that a business or company damaged or jeopardized their business “by fraud, deceit, trickery or unfair methods. '” See Cavalier Mobile Homes, Inc. v. Liberty Homes, Inc.
Consumer Protection Act. • Prohibits unfair, abusive, or deceptive trade practices. • Deceptive trade practices include: – Misrepresentations. – Omissions of important information.
