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 that the owner attempts to keep secret
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the tools of the trade
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important ideas that can be shared for free by employees
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an advertising gimmick
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Detailed explanation-1: -Trade secrets are intellectual property (IP) rights on confidential information which may be sold or licensed. In general, to qualify as a trade secret, the information must be: commercially valuable because it is secret, be known only to a limited group of persons, and.
Detailed explanation-2: -A trade secret: is information that has either actual or potential independent economic value by virtue of not being generally known, has value to others who cannot legitimately obtain the information, and. is subject to reasonable efforts to maintain its secrecy.
Detailed explanation-3: -Trade secrets protect confidential business information that generally provides a competitive edge to its owner. A patent is a 20-year exclusive monopoly on the right to make, use and sell a qualifying invention. This legal monopoly is considered a reward for the time and effort expended in creating the invention.
Detailed explanation-4: -Importantly, trade secret protection through either means can last forever, so long as the secrecy is maintained and the information is not publicly disclosed. As is clear from the above, the confidentiality of the trade secret is imperative to a successful breach of confidence and/or contract cause of action.