More small business owners are falling prey to online "predatory" lenders offering them quick cash. Some business owners are in such extreme financial strife that they have been forced to sell their family home.
If you assume incompetence as the default, as with most consumer protection, then it becomes basically impossible to deal business to business. Can a company lie to a consumer, and then claim they simply don’t know or didn’t understand? If your industry has a higher profit margin than mine, can I sue you for being scummy?
The basis of consumer protection is that consumer can’t be expected to be experts in everything. The basis of business law is that businesses know what they’re doing in their field. If you don’t, you’re doing it wrong.
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If you assume incompetence as the default, as with most consumer protection, then it becomes basically impossible to deal business to business. Can a company lie to a consumer, and then claim they simply don’t know or didn’t understand? If your industry has a higher profit margin than mine, can I sue you for being scummy?
The basis of consumer protection is that consumer can’t be expected to be experts in everything. The basis of business law is that businesses know what they’re doing in their field. If you don’t, you’re doing it wrong.
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Good luck preventing all scummy practices.
Not that we shouldn’t try, but to expect them to not exist is naive.
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