Business fraud lawyers with over 50 years of combined experience representing individuals and businesses.
Fraud can be defined and making a material false representation or omission that is relied upon to the detriment of person or business. An example is when false representations are made to induce someone to enter into to a contract. Without the false misrepresentation, the individual would not have entered into the contract on the same terms.
Unfair and deceptive trade practices is much like fraud but does not ordinarily require the element of reliance. For example, when a wrongdoer hides a cost or fee that is not disclosed and the victim is unaware that the costs have been artificially inflated.
It is important to note that poor business judgment does not within of itself give rise to unfair and deceptive trade practices or fraud.
If a business or individual is found liable for fraud, then punitive damages may be awarded. Conversely, if a business or individual is found liable for unfair and deceptive practice, then treble damages shall be awarded. Often a defendant commits both fraud and unfair and deceptive trade practices. In such circumstances, the plaintiff can elect to recover damages under either cause of action, but not both.
When evaluating any business dispute it is important to consider the cost of litigation versus the possible benefit or award. At Miller Law Group we understand the importance of making sound business decision.
For a free consultation, contact us or call 919-348-4361.
Victim of Business Fraud
How to defend your business from fraud – North Carolina’s Chapter 75