Trade Secrets and Confidential Business Information
Trade Secrets and Confidential Business Information BUSA 2106
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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