Competition Law

Competition law covers the legal rules that protect the freedom of competition in the market. This branch of law allows for the free setting of prices, the free placing of products and services on the market, the free choice of consumers, and the natural occurrence of competition. Competition law, while allowing businesses to compete in the market, also includes rules to prevent illegal competition in businesses' transactions. For example, businesses are not allowed to set prices by agreement, to have a strong dominance in the market, or to hinder the activities of rival businesses. Competition law issues are important for businesses and having knowledge about these issues is important for protecting the rights of businesses and preventing illegal competition.