Definition - What does Unfair Competition mean?
Unfair competition is when one company illegally gains an advantage over another based on breaking the law. This can be done through any fraudulent, unethical, or false conduct such as trademark violations, underselling, misleading advertising, creating untrue rumors about the competition, or any number or ways. Any commercial action that is contrary to common law and involves trying to either gain over or make the competition's pricing or good name invalid or less valid than norrmal through dishonesty.
Justipedia explains Unfair Competition
Any attempt to gain an advantage over a competitor that is essentially unfair or unjust would be deemed to be unfair. Within commercial law, there are already several statutes and rules that need to be followed that do not allow companies to gain in certain ways. An example of this is the general ban on monopolies in industries and price ceilings that are regulated on most products.