| Trade secrets are a vital part of a
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| | called thus, must: (1) contain
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| corporation. As the name implies, it is a
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| | information; (2) not be generally known;
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| secret formula, technical information or
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| | (3) be treated as a secret and must be
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| business model that the corporation must
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| | the subject of reasonable efforts to
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| guard like a jealous lover. Otherwise,
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| | protect or maintain its secrecy; and (4)
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| the corporation loses its edge in the cut
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| | derive economic value from the fact that
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| throat world of business and corporate
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| | it is treated as a secret.
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| race. Technically, a trade secret is an
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| | A trade secret, to be considered as
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| intellectual property asset of the
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| | consisting information, must either be a
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| corporation. However, this asset, though
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| | technical information or a business
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| very important is usually overlooked by
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| | information.
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| the corporation since a trade secret is
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| | In terms of economic value, it means
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| an intangible. Trade secrets are
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| | simply that other corporations,
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| information. It is therefore easy to
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| | businesses or competitors in general must
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| steal.
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| | necessarily spend time and money to
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| In California trade secret means
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| | develop the information.
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| information, including a formula,
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| | The fact that the trade secret must
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| pattern, compilation, program, device,
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| | generally not be known is self
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| method, technique, or process, that:
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| | explanatory. If the information is known
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| (1) Derives independent economic value,
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| | to the public, even to a few, the
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| actual or potential, from not being
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| | information is not a secret. It is the
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| generally known to the public or to other
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| | condition that the information is not
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| persons who can obtain economic value
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| | generally known is what makes it a secret
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| from its disclosure or use; and
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| | information. No information is secret or
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| (2) Is the subject of efforts that are
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| | vital if it is already known or can
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| reasonable under the circumstances to
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| | easily be known by the public or even a
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| maintain its secrecy.
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| | select few.
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| The above definition of trade secret is
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| | Finally, when the trade secret is said to
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| an adaptation of the definition of the
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| | be the subject of reasonable efforts to
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| Uniform Trade Secrets Act (UTSA) enacted
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| | maintain its secrecy, it just means that
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| in 1984. The same is codified under
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| | the possessor of the trade secret treats
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| Section 3426 to 3426.11 of the California
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| | it as a secret. That the owner or
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| Civil Code.
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| | possessor of the secret information
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| For an information to be considered as a
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| | expended time and money to keep the
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| trade secret, four elements must be
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| | information a secret.
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| present. The trade secret, in order to be
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