Trade Secrets

Question 1

Types of Trade Secret Information

Answer 1

• financial data
• technique
• formula
• pattern
• program
• method
• drawing
• process
• technical data
• list of customers

Question 2

Trade Secret Requirements

Answer 2

1. Valuable
2. Not publicly known
3. Reasonable efforts are used to maintain secrecy

Question 3

Trade Secret Form

Answer 3

Form doesn’t matter, it will be protected by the UTSA

Question 4

Ways to Protect Trade Secrets

Answer 4

• lock and key
• password and encryption
• limited access
• non disclosure agreements
• non compete agreements
• non solicitation agreements

Question 5

NDAs

Answer 5

Information that can’t be disclosed, may not receive protection for generalized information

Question 6

Implied Agreement of Confidentiality

Answer 6

• based on conduct of parties
• pitch to bank
• pitch to company
  Better practice
• use evaluation/submission agreement

Question 7

First Protection

Answer 7

Trade Secret is the first protection

Question 8

Trade Secret Laws

Answer 8

• Uniform Trade Secrets Act
• Defend Trade Secrets Act of 2016
• Protecting American IP Act of 2022

Question 9

Uniform Trade Secrets Act

Answer 9

• 47 states
• owner of trade secret can sue for theft
• court can order injunction, money damages, and/or attorney fees

Question 10

Defend Trade Secrets Act of 2016

Answer 10

Allows owner of trade secret to sue in federal court when trade secret has been misappropriated

Question 11

Protecting American IP Act of 2022

Answer 11

Protects against foreign trade secret theft

Question 12

Trade Secret Misappropriation

Answer 12

1. Possession, disclosure, or use of trade secret without authority
2. Wrongful acquisition of info

Question 13

Defenses to Misappropriation

Answer 13

• not a trade secret
• independent creation
• innocence (didn’t know it was wrongfully acquired)
• permission to use it

Question 14

Remedies to Misappropriation

Answer 14

• injunction
• seizure
• money damages (actual losses, punitive damages)
• attorney’s fees and costs

Question 15

Unfair Competition Laws

Answer 15

• dilution
• passing off
• right of publicity
• false adversities

Question 16

Right of Publicity

Answer 16

• protected under state law
• right to use name, likeliness, image, voice for commercial purposes
• defenses: Free speech, parody

Question 17

False Advertising

Answer 17

• product disparagement, Trade libel
• protected under State and Federal Law (Lanham Act)

Requirements
- false or misleading statements about own or another’s product
- statements are material
state law: actual injury
Lanham act: likelihood of injury and interstate commerce
Defense: Puffery, truth

Question 18

Trade Secret Protection Program

Answer 18

• identify trade secrets
• implement means of protection
• eduction
• management and monitory

Question 19

Trade Secrets Duty of Confidentiality

Answer 19

Implied when special relationship or evince that disclosure was in confidence