Trade secrets are protected under a number of state, federal, and in some instances, international laws. They are a form of protection that exists largely as long as the information remains a secret.
Merriam-Webster’s Collegiate Dictionary defines a trade secret as “something (as a formula) which has economic value to a business because it is not generally known or easily discoverable by observation and for which efforts have been made to maintain secrecy.”
In practice, a trade secret could be any information used in a business that may represent a competitive advantage. Trade secrets could be the use of a certain method of producing a good or a method of providing a service, such as a recipe or a computer algorithm. Trade secrets are treated in such a way as to reasonably keep the public or competition from learning about them, unless they are improperly acquired, such as by means…
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