ABSTRACTTo what extent is honesty or truthfulness morally obligatory in trade and advertising practices? It is argued here what while we have a general right, in business as elsewhere, not to be lied to, we have no general right, either in our business or other pursuits, not to be deliberately deceived. Certain restrictions on deceptive practices in trade and advertising, even unintentionally deceptive practices, are, even so, morally defensible: viz. where the practice would mislead reasonable people to a material degree or where it would mislead especially vulnerable people who are predictably unreasonable. It is suggested that a code of practice for trade and advertising which exaggerates the degree of truthfulness which is morally obligatory may actually be corrupting in effect.