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Business Law 1 Yyy

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Running head: BUSINESS LAW 1 Business Law Name Institution 2 BUSINESS LAW Business Law 1. Trade Secret: Taking Reasonable Measures to Keep the Secret (a) How do trade secrets differ from other applications of property? A trade secret can be broadly defined as any confidential information that provides a business with a competitive advantage. A trade secret can be a design, formula, process, pattern or practice used by a business entity to achieve a competitive edge over competitors (Linton, 2016). The use of trade secret by a person other than the holder is an unfair practice and a violation of trade secret laws. The protection from unfair competition encompasses the protection of trade secrets depending on the country’s legal system. Trade secrets differ from other applications of property like patent, trademarks and copyrights. A patent allows an enterprise to exclude other businesses from creating, selling, using or importing a particular product or service but the invention is fully disclosed to the public. A copyright protects original works like software, music, videos and writing of an author that has not been fixed in any physical medium. A trademark is a distinctive mark like symbol, phrase, sound or word that identifies a company’s goods and services (Pagnattaro, Cahoy & Magid et al., 2006). However, trade secrets are confidential blue prints that a company uses for competitive advantage. Anything with an independent economic value to an organisation can b ...
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