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Economic Torts Overview
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Inducing Breach of Contract
This occurs when one party intentionally persuades another to break a contract, resulting in financial loss to a third party. Example: A company entices an employee to leave their current employer, who has a contract with the employee, causing a breach of contract.
Tortious Interference with Business
This involves improperly interfering with the business operations of another, resulting in economic harm. Example: A competitor spreads false rumors about a company’s products to drive away customers.
Conspiracy
This tort occurs when two or more parties agree to an action to harm a third party's trade or business. Example: Two companies collude to fix prices, which harms other competitors.
Passing Off
Occurs when one entity misrepresents its goods or services as those of another, causing consumer confusion. Example: Selling handbags with a logo deceptively similar to a well-known brand.
Economic Duress
This tort happens when an unlawful economic pressure is applied to compel a person to enter into a contract. Example: Threatening to cancel a contract unless additional payments are made.
Fraudulent Misrepresentation
Involves a false statement that is knowingly made to induce another party into a contract, causing them harm. Example: Selling a car by knowingly claiming it has never been in an accident when it has.
Unlawful Interference
When an intentional act by one party directly causes harm to another's business without justification. Example: A competitor blackmailing a supplier to stop doing business with another company.
Deceit
This is when one party makes a false representation with the intention to deceive the other, causing them loss. Example: Misrepresenting the financial status of a business in sale negotiations.
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