Trade Secrets Flashcards
1
Q
Types of Trade Secret Information
A
- financial data
- technique
- formula
- pattern
- program
- method
- drawing
- process
- technical data
- list of customers
2
Q
Trade Secret Requirements
A
- Valuable
- Not publicly known
- Reasonable efforts are used to maintain secrecy
3
Q
Trade Secret Form
A
Form doesn’t matter, it will be protected by the UTSA
4
Q
Ways to Protect Trade Secrets
A
- lock and key
- password and encryption
- limited access
- non disclosure agreements
- non compete agreements
- non solicitation agreements
5
Q
NDAs
A
Information that can’t be disclosed, may not receive protection for generalized information
6
Q
Implied Agreement of Confidentiality
A
- based on conduct of parties
- pitch to bank
- pitch to company
Better practice - use evaluation/submission agreement
7
Q
First Protection
A
Trade Secret is the first protection
8
Q
Trade Secret Laws
A
- Uniform Trade Secrets Act
- Defend Trade Secrets Act of 2016
- Protecting American IP Act of 2022
9
Q
Uniform Trade Secrets Act
A
- 47 states
- owner of trade secret can sue for theft
- court can order injunction, money damages, and/or attorney fees
10
Q
Defend Trade Secrets Act of 2016
A
Allows owner of trade secret to sue in federal court when trade secret has been misappropriated
11
Q
Protecting American IP Act of 2022
A
Protects against foreign trade secret theft
12
Q
Trade Secret Misappropriation
A
- Possession, disclosure, or use of trade secret without authority
- Wrongful acquisition of info
13
Q
Defenses to Misappropriation
A
- not a trade secret
- independent creation
- innocence (didn’t know it was wrongfully acquired)
- permission to use it
14
Q
Remedies to Misappropriation
A
- injunction
- seizure
- money damages (actual losses, punitive damages)
- attorney’s fees and costs
15
Q
Unfair Competition Laws
A
- dilution
- passing off
- right of publicity
- false adversities
