Legal Definitions - Trade secret

A trade secret is a type of information that has economic value because it is not generally known and cannot be easily discovered by others. This information can include things like formulas, patterns, programs, or processes that are used in a business. To be considered a trade secret, the information must be kept secret through reasonable efforts by the owner of the information.

For example, a company's customer list can be considered a trade secret if the list is not publicly available and the company takes steps to keep the list confidential. If a competitor were to obtain the customer list through improper means, such as stealing it or bribing an employee, that would be considered misappropriation of a trade secret.

If someone misappropriates a trade secret, the owner of the trade secret can take legal action to stop the person from using or disclosing the information. The owner may be able to get a court order to prevent the person from using the information and may also be able to recover damages for any harm caused by the misappropriation.