Sure it is easy to say "WE ARE THE BEST, and the others are awful", "They never do that...", "Their prices are so high nobody can afford that...", . However, did you know there are legal and ethical violations with that? So you might say, BUT I DID NOT MEAN TO SAY THAT!! Sadly, it will not help you out.
Several trades have an ethical rule attached with the way you handle your business. That includes advertising as well as handling your competitors and statements about them. Even if for some odd reason your field does not have ethical rules you need to adhere to, it will not save you from the problems you can have...
You cannot say untruthful things about them, your competitor, generalize in a very negative way where the scale is tipped to "OVER-STATING" the issues. You cannot falsely represent their goods, services, existence, the type of warranties they offer, and well... the list goes on and on and on. Why, you might ask?
Have you ever heard about the Unfair Trade Practice Law under the Consumer Protection Act which was put in place in an effort to protect competitors and consumers?
Unfair trade practices have a predictable impact on consumer welfare. Unfair trade practices fall within the realm of The Federal Trade Commission Act of 1914. This act prohibits the unfair methods of competition which arises between industries. The purpose of regulating competition is to protect the consumers and to prevent high prices and promote innovative ideas of marketing, as long as they are truthful.
This means, that under this law, yes law, bait advertising (pretending to give something but you realy don't if they sign up with you, sending them on a trip that you never sent them on, etc.), false representations of goods of a particular kind, standard and quality, misleading, etc. etc. are in violation of this law.
But you say..."there were no damages to the person". Sadly, that does not matter either. All that matters is that a misleading behavior was exhibited.
So be careful and choose your words wisely before you bad mouth your competitor, or it may cost you more than what it was worth.