Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
A deceptive trade practices act will be one governing the implementation of standards and regulations pertaining to the fair practices of trade and business across all sectors and industries. It will also be the governing legal statute for violations and checking harmful trade practices. This is important since a deceptive practice is either an omission, representation, or practice, which is misleading, or is likely to be misleading. It could also be harmful for the consumer or may lead to misleading representations or interpretations at the consumer’s end. It means a company or business deceiving consumers with false representations, missing information, not mentioning key details, and making tall claims as well.
In India, for instance, there is the RERA Act which governs all fair practices in the real estate industry. For trade and business, there is the MRTP Act of 1969 which combats any unfair trading practices and monopolies alike. This may pertain to false promotions and advertising by real estate developers in terms of their projects, construction quality, amenities, designs, layouts, interiors, locations, and more. There could be legal statutes and acts of this nature to check such violations and ensure the adherence towards fair trade practices at the same time.
