Check our website previousnotes.com/ for more updates
previousnotes.com/index.php/2...
Economic Tort | Business Tort: Application of Tort Law
Economic tort covered the aspect wherein wrongful action performed causes harm to the business. It may cause harm to profits, loss of reputation, loss of business competitive advantage, loss of market share or any type of tort related to the business activity. Business torts are also know as Economic Torts because they are often associated with losses of current or projected business profits.
Essentials of Business Tort:
The defendant had a responsibility to act in a certain manner.
The defendant did not uphold the responsibility.
The defendants’ actions further caused the plaintiff a measurable economic harm.
Common Types of Business Tort:
Theft of Trade Secrets : It is the unlawful accessing of proprietary business information for the purpose of acquiring an improper competitive advantage over a business.
Trade Libel: It is false publication of information about the services or product of a business that causes a economic loss.
Fradulent Misrepresentation: It is the deliberate or reckless statement of an falsehood designed to induce a party to enter into a contract. It’s a breach of faith.
Restraint of Trade: It requires a business or individual to not take actions or enter into agreement that causes economic loss to another business.
Unfair Competition: Practices that unfairly restrict competition or deceive consumers, including false advertising and trade libel.
Commercial Disparagement: It is the intentional defamation of business reputation or property with the goal of causing economic harm to other business.
Common Remedies for Business Tort
Compensatory Damages: Financial compensation for the actual loss suffered.
Punitive Damages: Additional damages intended to punish the wrongdoer and deter future misconduct.
Injunctions: Court orders preventing the defendant from engaging in certain activities.