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It is not entirely clear what is meant by legalised form of lying. There are lies that advertisers cannot legally utter, and then there are exaggerations, poetic over-statements, or misleadingly incomplete information which advertisers can get away with. A great many of the statements that advertisers make are not literally true, but then, they are not expected to be taken literally. Our chocolate is out of this world, it is so delightful that you will forget all your problems and feel like you have gone to heaven. OK, maybe you won't, but then, you didn't really take those claims seriously, did you?
In most countries, actually lying in an advertisement is illegal. The art of the sale is not in lying, but in manipulating the truth to make it sound like you actually need a product you don't. So basically, no.

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