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Trade Secrets and Confidential Business Information

by: Airielle Thomas

Trade Secrets and Confidential Business Information BUSA 2106

Marketplace > Georgia State University > BUSA 2106 > Trade Secrets and Confidential Business Information
Airielle Thomas

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About this Document

Trade secrets, confidential business information, contracts
Legal Environment of Business
Spell, Jr.
Class Notes
Trade Secrets, Confidential Business Information, contracts, business law, BUSA 2106, BUSA
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This 2 page Class Notes was uploaded by Airielle Thomas on Wednesday March 9, 2016. The Class Notes belongs to BUSA 2106 at Georgia State University taught by Spell, Jr. in Winter 2016. Since its upload, it has received 6 views.


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Date Created: 03/09/16
BUSA 2106 SPRING 2016 TRADE SECRETS AND CONFIDENTIAL INFORMATION  Both contain confidential information  Can’t have patent on trade secrets Trade Secrets  Defined and governed by state statutes  Georgia: information not commonly known or available to the public, and which  derives economic value from not being generally known, and not being readily  ascertainable by proper means; is the subject of efforts that are reasonable to  maintain its secrecy. Ex. Coca­Cola’s secret formula  What would be a proper means of readily ascertaining what a secret formula is? Reverse Engineering How do you prove reverse engineering? Hire an expert.  Most companies don’t try to hide their trade secrets.  Litigation is very intensive. Confidential Business Information  Defined by a contract  Protectability defined by contract  In which have been or will be disclosed to the employee; Employee becomes  aware  through employment by the company; which have value to the company  and are not generallu known to its competitors Ex. Technical information, drawings, plans, customer information and lists, sales  and pricing  Important that information is written Difference Between Trade Secrets and Confidential Business Information   Trade secrets are controlled by statutes, as long as they are secret.  Confidential business information is controlled by contract and what the contract says  Must have a time limit  Some items can be both Missapropriation  INJUNCTION: stops an action  Damages  Tort­suing for misappropriation  Contract­ suing for confidential information BUSA 2106 SPRING 2016  PUNITIVE DAMAGES: a way to punish you for what you did before misappropriation  Can claim for torts, not for contracts Contracts  Controlled by state laws  A promise that creates a duty which the law will enforce; if breached, the law will  provide a remedy  Promise=Convenant  Must be two or more parties involved  Offeror  Offeree  3  party beneficiary Elements  Agreement­ mutual ascent  CONSIDERATION: something of legal value given in exchange for a promise  Naked promise­ no consideration  Peppercorn­ as long as consideration has some value­ valid legal consideration


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