Life would be easier for all hard-working business owners if everyone else — competitors, business partners, etc. — were equally as ethical behind the scenes and stayed within the realm of fair play. Sadly, business doesn’t always work that way. Seemingly good deals turn sour. Competition and the battle for market share and customer loyalty can sometimes get the better of us, and conflicts and disputes naturally arise. Occasionally, this leads to a wide range of wrongful acts committed back and forth against each other, often resulting in financial harm. These are what we in the legal world refer to as business torts. But what do we mean by that, exactly?
In today’s blog post, we’ll dive into the complex and unfortunate world of business torts, including a few common examples, ways they can impact your company, and possible ways to protect yourself in the future.
Business Torts — Defined
The term “business torts” encompasses the full range of non-contractual claims and disputes that can arise in business transactions, business ownership, management, employment relationships, and the competitive business environments in which individuals and companies operate. The consequences of business torts can range from minor financial losses to reputation damage, loss of market share, disruptions to core business operations, and substantial legal fees that are difficult for the injured party to recover from.
A few common examples of business torts include but aren’t limited to the following:
- Misrepresentation, fraud, or conspiracy — Misleading statements, providing false information, etc.
- Deceptive trade practices — Overcharging for a product or service, claiming a product is something it is not.
- Tortuous interference with contractual relationships — Deliberately sabotaging a competitor.
- Trade secret misappropriation — Hacking into a company’s computer system and stealing files.
- Breach of fiduciary relationships — Failing to exercise care in carrying out duties or profiting at your employer’s expense.
While your company’s future is undoubtedly bright, the reality is that business torts such as these can impact even the most well-intentioned business owners and threaten everything they’ve worked hard to build. Having an attorney in your corner lets you focus on what you do best while your attorney handles potential issues with as little intrusion into your affairs as possible.
Below are a few key steps to consider to protect yourself and your business:
- Safeguard all trademarks, trade secrets, and copyrights to prevent unauthorized access.
- Conduct and confidentiality training should be held for all employees.
- Ensure all contracts you enter into are clear and prevent any misunderstandings or potential disputes.
- Avoid anything that could be considered false claims.
- Hire a business attorney to review all your dealings.
We understand that litigation can be expensive and time-consuming — especially when you have a business to protect. Our law firm handles various complex business issues for our corporate clients, and our focus is to protect our clients’ rights while preserving their valuable resources and time. The bottom line is we want your business to succeed and work hard to staunchly defend your rights.
Please call Christman Daniell Attorneys, for your legal needs today!
Please consult an attorney for advice about your situation. The material on this website and in this or any blog article we publish are for informational purposes only and do not constitute legal advice. The attorneys at Christman Daniell Attorneys, believe in tailoring legal advice and solutions to your circumstances.
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