Final answer:
Business law indeed offers a framework for competitors to take legal action against Union Bank, should it make false claims, and this is true. It includes regulations on deceptive practices and is enforced by entities like the FTC and DOJ.
Step-by-step explanation:
The statement 'Business law is the framework within which a competitor could take Union Bank to court in the event its claims are not true' is true. Business law encompasses all the laws that dictate how to form and run a business, including those concerning advertising and marketing practices.
False or misleading statements made by a business, like Union Bank, can lead to legal challenges if they constitute fraud. Competitors can use these legal provisions to challenge practices that they believe are unfair or deceptive.
For example, the Federal Trade Commission and the Department of Justice play roles in enforcing antitrust laws, designed to prevent anticompetitive practices and maintain fair competition.
Business law, by providing a structure for legal recourse and outlining permissible actions, allows competitors to hold each other accountable through the judicial system.