Frequently Asked Questions About Trade Secrets
Here are some of the frequently asked questions that will provide you with vital information regarding trade secrets.
- What is a trade secret? A trade secret may consist of any formula, pattern, device or compilation of information which is used in one's business and which gives him an opportunity to obtain an advantage over competitors who do not know or use it.
- When is a person liable for disclosing trade secrets? He/she is liable when the secret is discovered by improper means, constitutes a breach of confidence, or learned it from a third person knowing that it was supposed to be a secret.
- What advantages are there to keeping a trade secret? A trade secret can give a company an edge over a competitor in making a device. Further, it can be used by a seller to bind a prospective purchaser or jobber to secrecy for a product made with the trade secret.