BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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commercially valuable information
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information that owner attempts to keep secret
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a secret formula, process or customer list
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all of the above
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Detailed explanation-1: -Trade secrets encompass both technical information, such as information concerning manufacturing processes, experimental research data, software algorithms and commercial information such as distribution methods, list of suppliers and clients, and advertising strategies.
Detailed explanation-2: -In general, a trade secret has three parts: (1) information (2) economic value from not being generally known by others, and (3) reasonable efforts have been taken to protect the trade secret.
Detailed explanation-3: -Trade secrets are a part of a company’s intellectual property. Unlike a patent, a trade secret is not publicly known.
Detailed explanation-4: -Absent application of the work-for-hire doctrine, the employee owns the trade secret unless there is a contractual assignment of the trade secret from the employee to the employer. Another factual consideration in the ownership analysis involves the general knowledge, skills, and experience of the employee.