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A trade secret is secret information that gives one company an advantage over another, such as a secret recipe or formula. “Trade secrets may be product formulas, patterns, designs, compilations of data, customer lists, or other business secrets” (Cheeseman, 2007, p. 160).
For example, I love the commercials by Bush’s Baked Beans; where the man says the recipe is a secret and the only one that knows is the dog Duke, “… and he’s not talking”. Yet, the dog is cleverly trying to sell the secret anyway.
Protection of a trade secret, “Many states have adopted the Uniform Trade Secrets Act to give statutory protection to trade secrets” (Cheeseman, 2007, p. 160). The owner of a trade secret is also obligated to take all reasonable precautions to protect it, including fencing, locking, and security. “If the owner fails to take such actions, the secret is no longer subject to protection under state unfair competition laws” (Cheeseman, 2007, p. 160).
Cheeseman., H. R. (2007). The Legal Environment of Business and Online Commerce: Business Ethics, E-Commerce, Regulatory, and International Issues (5th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
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