What Are Unconscionable Trade Practices?

What Are Unconscionable Trade Practices? Unconscionable trade practices are unfair and deceptive ways of doing business. In attempting to stop unconscionable trade practices, buyers and sellers must first know what they are to stop these acts from happening. The Unfair Practices Act actually defines unconscionable trade practices as an act or practice in connection with the sale, lease, rental or loan, or in connection with the offering for sale, lease, rental or loan, of any goods or services, including services provided by licensed professionals, or in the extension of credit or in the collection of debts which to a person’s detriment: (1) takes advantage of the lack of knowledge, ability, experience or capacity of a person to a grossly unfair degree; or (2) results in a gross disparity between the value received by a person and the price paid. Importantly, the list provided in the definition is not limited to those acts and can include any “false or misleading oral or written statement, visual description or other representation of any kind knowingly made in connection with the sale, lease, rental or loan of goods or services or in the extension of credit or in the collection of debts by a person in the regular course of his trade or commerce, which may, tends to or does deceive or mislead any person.” When considering whether unconscionable trade practices have occurred you need to consider the above criteria. The Unfair Practices Act is formulated such that consumers can be protected. If you have a victim of Unconscionable Trade Practices consider reaching out to a qualified attorney to discuss the situation. At the Davis Kelin Law Firm, we are here 24/7 to take your call: 505-242-7200.