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Definition Of Trade Secret Under Texas Law In Massachusetts
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The three elements that are required to have a trade secret are as follows: It bestows a competitive lead on its owner, It is subject to sensible endeavours to control its secrecy and It is confidential.
Massachusetts law defines a trade secret as "anything tangible or intangible or electronically kept or stored, which constitutes, represents, evidences or records a secret scientific, technical, merchandising, production or management information, design, process, procedure, formula, invention or improvement." Mass.
Texas courts have largely adopted the definition of trade secret from Section 757 of the Restatement of Torts: "A trade secret consists of a formula, process, device, or compilation which one uses in his business and which gives him an opportunity to obtain an advantage over competitors who do not know or use it." The ...
What qualifies as a trade secret? commercially valuable because it is secret, be known only to a limited group of persons, and. be subject to reasonable steps taken by the rightful holder of the information to keep it secret, including the use of confidentiality agreements for business partners and employees.
In general, a trade secret has three parts: (1) information (2) economic value from not being generally known by others, and (3) reasonable efforts have been taken to protect the trade secret.
First, it must be “financial, business, scientific, technical, economic, or engineering information.” Other kinds of information may be valuable, but are not sufficiently related to a trade. Second, “reasonable measures” need to have been taken to keep the information secret.
A trade secret is economically valuable information that is not generally known, has value to those who cannot legitimately obtain it, and has been subject to reasonable efforts to keep it secret.
Your company's trade secrets – in paper or electronic format – should be accompanied by a confidentiality notice. Each page should be stamped “Confidential.” The notice should notify all parties that the document includes trade secrets and that access to the information is limited by your business.