In a truly free market…if a company decided to list ingredients, and it was found out later, that an ingredient like high fructose corn syrup was in it, but not listed, is that fraud?
thank you…
If they intentionally lied or misrepresented their ingredients then its fraud, otherwise no.
in the example…if they listed the ingredients…
in a truly free market…noone forced them to list ingredients…they just do it because everyone else does it…
they list their ingredients…
later it is discovered high fructose corn syrup is an ingredient…but it was never listed…
is that fraud?
I understand that in a truly free market…even if it is fraud…nothing would really happen to the company…
although, their reputation would be tarnished…
but is it fraud?
but is it fraud?
Yes.
I understand that in a truly free market…even if it is fraud…nothing would really happen to the company…
Why?
"
Why?"
if its truly a free market…noone would have the power to take away their life, liberty or property…
noone would have the power to take away their life, liberty or property…
what about the property that they are possessing but do not rightfully own, like money that they received by defrauding customers who thought they were buying products containing different ingredients. ?
if its truly a free market…noone would have the power to take away their life, liberty or property…
All you are describing is people’s default negative rights. In the case of fraud, the person guilty of this crime has damaged someone else’s property and has thus left himself open to retaliatory force.
Even if the property damage is minor, like a soda, the criminal is still responsible for various associated costs and premiums, like those associated with tracking him down and recovering the victim’s property.
“Under our proposed theory would fraud be actionable at law? Yes, because fraud is failure to fulfill a voluntarily agreed upon transfer of property, and is therefore implicit theft. If, for example, A sells to B a package which A says contains a radio, and it contains only a pile of scrap metal, then A has taken B’s money and not fulfilled the agreed upon conditions for such a transfer-the delivery of a radio. A has therefore stolen B’s property. The same applies to a failure to fulfill any product warranty. If, for example, the seller asserts that the contents of a certain package include 5 ounces of product X, and they do not do so, then the seller has taken money without fulfilling the terms of the contract; he has in effect stolen the buyer’s money. Once again, warranties of products would be legally enforceable, not because they are “promises,” but because they describe one of the entities of the agreed-upon contract. If the entity is not as the seller describes, then fraud and hence implicit theft have taken place.13” - MNR
Replace high-fructose corn syrup with extra, special vitamins. If they hadn’t listed the vitamins that actually made people much healthier, what do you think would happen?
no harm, no problem.