ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Contrary to patents, trade secrets are protected without registration, that is, trade secrets require no procedural formalities for their protection. A trade secret can be protected for an unlimited period of time, unless it is discovered or legally acquired by others and disclosed to the public.

Detailed explanation-2: -A customer list is not a trade secret. Pricing information is not a trade secret. More than one company can have the same trade secret technology. Injunctive relief means a temporary or permanent court order that the other party stop doing something (for example, using the trade secrets).

Detailed explanation-3: -Trade Secrets Protection in India In India, there is no uniform legislation protecting trade secrets and confidential information. It is protected by numerous, disparate provisions of various statutes.

Detailed explanation-4: -Trade secret infringement is called “misappropriation.” It occurs when someone improperly acquires a trade secret or improperly discloses or uses a trade secret without consent or with having reason to know that knowledge of the trade secret was acquired through a mistake or accident.

Detailed explanation-5: -Pricing information is not a trade secret. Information that is not or cannot be protected under trademark, patent, or copyright law may be protected under the law of trade secrets.