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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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