BizTerm Definition
trade secret
Full Definition

In most states, a formula, pattern, physical device, idea, process, compilation of information or other information that: provides a business with a competitive advantage, and is treated in a way that can reasonably be expected to prevent the public or competitors from learning about it, absent improper acquisition or theft. When determining whether information qualifies as a trade secret under this definition, courts typically consider the following factors: the extent to which the information is known outside of the particular business entity the extent to which the information is known by employees and others involved in the business the extent to which measures have been taken to keep the information secret the value of the information to the business, and how difficult it would be for others to properly acquire or independently duplicate the information.

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