trade secret

   A process, method, plan, formula, pattern, device, idea or other information unique to a manufacturer that gives it a competitive advantage. A business must treat a trade secret in a way that can reasonably be expected to prevent the public or competitors from learning about it. The trade secret may be protected by a court-ordered injunction against use or revelation by an employee, former employee, or someone else who comes into possession of it, but a court will judge how well known the information is inside and outside the business, how carefully it has been protected, how valuable it is to the business, and how hard it would be to duplicate the information independently or to acquire it properly. A trade secret is a business process and not an invention that can be protected by a patent.

Business law dictionary. 2015.

Look at other dictionaries:

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  • trade secret — noun a secret (method or device or formula) that gives a manufacturer an advantage over the competition • Hypernyms: ↑secret * * * noun, pl ⋯ crets [count] : something (such as a special way of doing or making something) that is known only by the …   Useful english dictionary

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