I will need 2 responses to the following 2 discussion board posts. (see attached)

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xelb2019

Economics

Regent University

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I will need 2 responses to the following 2 discussion board posts. (see attached)

Original prompt from the discussion board - Utilizing the concepts in Chapter 28, post a message that explains, from your perspective, (1) why trade secrets are so important to companies; (2) how they can be protected through the use of restrictive covenants and agreements not to compete; and (3) how companies can protect trade secrets in a global market.

  1. Liuzzo, A. L., & Hughes, R. C. (2019). Essentials of Business Law (10th ed.). New York, NY: McGraw Hill Education:
    1. Chapter 28, Intellectual Property;
    2. Chapter 29, Computer Privacy and Speech;
    3. Chapter 30, Social Media and the Law;
    4. Chapter 31, Conducting Business in Cyberspace; and
  2. Matthew 18:21-35 (Legal "Right")

For the 2 responses - In addition, learners post a minimum of two responses to peer initial responses. The peer response should include additional research that expands upon one of key points noted in your peers initial response. The peer reply should be composed in a professional manner with a word count range of 150-350 words each.

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Post #1 – Daniel Sumulong A trade secret is defined as special knowledge associated with a particular business. It can refer to a process, practice or any other confidential information that gives any given firm an advantage in the marketplace (Liuzzo, 2019, p. 458). If this information ceases to be a secret, it can be detrimental to the firm. Therefore, it is not surprising for laws to be in place to protect these secrets. The aim is to create a level playing field in business where no competitor can take advantage of the intellectual property of another. In our text, laws preventing unauthorized individuals and entities from unlawfully using and disclosing intellectual property were discussed. However, recently there have been lawsuits involving two competing firms. These include Monsanto v. Dupont and Apple v. Samsung. Both cases dealt with the unlawful use of trade secrets. In order for these cases to be decided, it was necessary for the courts to examine in great detail the circumstances and to determine whether any infringement really took place. In doing so, there is a concern that a firm’s trade secrets may be exposed to the public. “When deciding whether to grant a protective order sealing confidential information in judicial documents, courts use a balancing test and weigh the interests of public access against the parties’ interest in protecting their trade secrets (Mendenhall, 2014, p.901).” The Supreme Court gave the district judges a lot of discretion to balance these sets of competing interests. Therefore, we can only hope that the courts do their part to ensure that companies are able to continue to reap the benefits from their trade secrets. Since their work involves a firm’s trade secrets on a daily basis, it is understandable for businesses to add a restrictive covenant to the contracts of certain key employees. This is an agreement that prevents an employee from working for a similar firm within a certain amount of time within a certain geographic area (Liuzzo, 2019, p.459). Enforcing such a provision has proven to be difficult. This is because in the United States, the administration of restrictive covenants or non-compete agreements are left up to individual states (Marx, 2012, p.43-44). These provisions, in essence, bind employees to their current employer and may even encourage emigration to states that do not recognize restrictive covenants (p. 45). From a worker’s standpoint, it would be best to be ethical at all times even when the employer may have mistreated them. Disclosing trade secrets is not only illegal, it could also be detrimental to one’s long-term career. Psalms 128:2 says, “You will eat the fruit of your labor; blessings and prosperity will be yours (New International Version).” The law protects a company’s trade secrets to ensure that it will be able to keep the fruits of its labor. All interested parties such as key employees, competitors and the courts should do their part to ensure this principle is upheld. The attitudes towards the just outcome of the proper party reaping the benefits of labor and ingenuity are arguably universal. This means that even across borders, regulators must work together to ensure a level playing field both domestically and abroad. References: Marx, M., & Fleming, L. (2012). Non-compete agreements: Barriers to entry … and exit?Innovation Policy and the Economy, 12(1), 39-64. doi:10.1086/663155 Mendenhall, K. J. (2014). Can you keep a secret? the court's role in protecting trade secrets and other confidential business information from disclosure in litigation. Drake Law Review, 62(3), 885. Post #2 – Amanda Gillard Trade secrets are important to companies because they can lose money when other businesses learn about their products. Liuzzo (2019) states, "A trade secret is a specialized knowledge with a particular business" (p. 458). There are laws that protect organizations from these types of fraudulent activities. The Economic Espionage Act of 1966 protects trade secrets regarding companies. Cowen & Tabarrok (2015) states, "The theory of comparative advantage tells us something about world trade and world peace" (p. 19). However, in this situation, we must avert other companies from gaining access to their trade secrets. Furthermore, trade secrets can be protected by laws, contracts, and mutual agreements between organizations. The Bible states, "All Scripture is breathed out by God profitable for teaching, for reproof, for correction, and for training in righteousness" (2Timothy 3:16, ESV). God wants us to be just in our careers. When we are upright, we are fulfilling God's desires. Secret trades must be protected in our organizations. Currier & Eimermann (2015) states, "In order for a valid contract to be formed, there must be mutual agreement to create a legally binding relationship" (p. 421). Companies can protect trade secrets in global economies by enforcing laws, implementing contracts, and using securities to keep their software systems protected from hackers. The Bible states, "So whatever you wish that others would do to you, do also to them, for this is the Law and the Prophets" (Matthew 7:12, ESV). By enforcing laws, we protect our secret trades within our agencies. By implementing contracts, we have legally binding agreements to safeguard our trade secrets. By using security updates in our software systems, we are protecting our trade secrets from hackers. References: Cowen, T. & Tabarrok, A. (2015). Modern Principles of Economics. Worth U. S. Currier, K. A. , Eimermann, T. E. (2015). Introduction to Law for Paralegals: A Critical Thinking Approach. New York: Wolters Kluwer. Liuzzo, A. & Hughs, R. (2019). Essentials of Business Law. McGraw-Hill Education. The Holy Bible, ESV.
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Surname 1
Student’s Name
Professor’s Name
Course
Date
Trade Secrets Response
Daniel Sumulong
Thank you for your post. Indeed businesses have a responsibility to enforce policies
related to the use of the developments and business approaches that continuously give them a
competitive advantage over the other competitors within the market, but a significant challenge
lies in the different applications of the law across different states. In a society where businesses
are now operating through the internet platform, state boundaries have grown blurry, particularly
in cases where the business have a capacit...


Anonymous
Awesome! Perfect study aid.

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