I have been sued for a large amount of damages on the ground that I violated the Monopoly Regulation and Fair Trade Act. What should I do?

The Monopoly Regulation and Fair Trade Act prohibits unfair trade practices and strictly imposes guidelines and sanctions accordingly.

In your case, if it is recognized that you committed an abuse of a superior bargaining position, which is a type of unfair trade practice, this may be recognized as a violation of the Monopoly Regulation and Fair Trade Act.

An abuse of a superior bargaining position refers to an act in which a business operator, in a transaction, unfairly uses its superior bargaining position to deal with the other party.

In this case, if your side used a superior bargaining position in the termination, cancellation, or modification of the contract, it may be regarded as an unfair trade practice, and therefore may constitute a violation of the Monopoly Regulation and Fair Trade Act.

If it is recognized that you committed an unfair trade practice, it can lead not only to corrective measures but also to criminal punishment, so caution is needed.

However, since a violation of the Monopoly Regulation and Fair Trade Act can be recognized only if it is proven whether there was truly an abuse of position by deceptive means in the termination of the contract, you must establish a detailed investigation and defense.

If you become involved in such a problem, it is important to seek advice from an attorney with expertise in the fair trade field, in order to understand the situation in detail and respond to it.