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7 Cards in this Set
- Front
- Back
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What are the requirements of a trade secret |
Anything that has value to a company 1. Must not be generally known 2. Must not be readily ascertainable/not knowable 3. Must make reasonable efforts to maintain secrecy 4. Other party must have acquired the secret wrongfully |
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What are the two requirements for misappropriation: |
1. Acquisition 2. Disclosure/Use |
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What are the three categories of disclosure/use for misappropriation? |
Improper acquisition Derived from a misappropriator/violated duty of secrecy Knowledge acquired by accident or mistake |
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What level of secrecy must be maintained? |
Reasonable efforts must be taken. Absolute secrecy not required |
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What are five ways a trade secret could be disclosed that would end the trade secret protection? |
1. Publishing by the trade secret holder (maybe to get a patent) 2. Selling a product that embodies the secret (bartender) 3. Public disclosure by a third party 4. Inadvertent disclosure 5. Government disclosure |
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What is arrow's paradox? |
A secret is valuable because it is a secret but nobody will offer any money for it unless learning the secret to ascertain its value |
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What are defenses to trade secret misappropriation? |
1. Independent development 2. Public information 3. Failure to keep it a secret |
