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In addition, if an actor subject to a cease and desist order violates the Commission's final and in-effect order to cease and desist engaging in an unfair or deceptive act or practice, the enjoined actor is automatically liable for a civil penalty up to $10,000 per violation, the amount of which is to be determined by a district court. [24]
Anti-competitive behavior refers to actions taken by a business or organization to limit, restrict or eliminate competition in a market, usually in order to gain an unfair advantage or dominate the market. These practices are often considered illegal or unethical and can harm consumers, other businesses and the broader economy.
The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the 20th century, competition law has become global. [ 6 ] The two largest and most influential systems of competition regulation are United States antitrust law and European Union competition law .
In 1984, [10] [non-primary source needed] the FTC began to regulate the funeral home industry in order to protect consumers from deceptive practices. The FTC Funeral Rule requires funeral homes to provide all customers (and potential customers) with a General Price List (GPL), specifically outlining goods and services in the funeral industry, as defined by the FTC, and a listing of their prices.
The enactment of the FCPA was a pivotal moment in U.S. legal history, as it marked the first significant effort to legally prohibit the bribery of foreign officials. It set a standard for moral leadership and integrity in international commerce, underscoring the importance of honest business practices in fostering stable and fair global markets.
Unfair business practices (also Unfair Commercial Practices) describes a set of practices by businesses which are considered unfair, and which may be unlawful. It includes practices which are covered by other areas of law, such as fraud , misrepresentation , and oppressive or unconscionable contract terms.
Sun-Diamond defined the nexus as follows: "We hold that, in order to establish a violation of 18 U.S.C. § 201(c)(1)(A), the Government must prove a link between a thing of value conferred upon a public official and a specific 'official act' for or because of which it was given." [38]
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.