What is Competitive Advantage?

Legal Definition
Competitive advantage is a business concept that describes the attribute of allowing an organization to outperform its competitors. These attributes may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, etc. Access to new technology can also be considered as an attribute of competitive advantage.
-- Wikipedia
Legal Definition
When a company gets the upper hand because is of similar value and a lower price than its competition.