LEB 323 Exam 3 Questions with
Correct Answers 100% Pass
How do you know when a trade secret exists? - CORRECT ANSWER-1. not
generally known
2. secure from access in a legal matter
3. gives owner a competitive edge (adding value)
intellectual property law - CORRECT ANSWER-has become more prevalent due
to the economy becoming more technology and service based
Are copyrights and trademarks secrets? - CORRECT ANSWER-no
When does the legal protection for a secret kick in? - CORRECT ANSWER-once
the secret is stolen
What is the most important fact for the court considering secrets? - CORRECT
ANSWER-having reasonable security measures
What all does the court consider in regards to trade secrets? - CORRECT
ANSWER-how many people know it? how valuable is it? How easy is it to
duplicate? how secure is the secret?
Misappropriation - CORRECT ANSWER-1. prove it was a secret
,2. reasonably protected
3. have to do something deceptive ( not necessarily breaking the law) in order to
steal it
compensation for trade secrets - CORRECT ANSWER-book value of the secret
lost profits
treble damages
can ask for punitive damages as well
Case: Integrated Cash Management & Digital Transactions - CORRECT
ANSWER-Two employees memorize the combination of two softwares and leave
to go to a new company where they use the combo and they get sued by their old
company because it was a trade secret and their old company won
Patent Requirements - CORRECT ANSWER-1. Patentable subject matter:
tangible subject matter created or invented
2. Utility: some usefulness
3. Novelty: unique, has to be significantly modified
4. Non-obviousness: to someone in the same industry (also applied for secondary
uses of products)
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
, Case: Assoc. for Molecular Pathology v. Myriad Genetics, Inc. - CORRECT
ANSWER-Myriad patented a process for locating a specific gene and reconfiguring
DNA, the DNA was patentable but the process for the gene was not because it
already exists in nature. Molecular Pathology tried to steal it and they got to keep
the gene part but no the DNA reconfiguration.
Who owns patents? (old rule and new rule) - CORRECT ANSWER-Old rule: first
to invent
New rule: first to file
(gave inventors an incentive to patent)
What is the patent rule called? - CORRECT ANSWER-America Invents Act
(AIA)
Why are there licenses for patents? - CORRECT ANSWER-SO you can sell the
license to produce the patented product
Inventions at Work, How do they work? - CORRECT ANSWER-your company
owns it only if you are using their resources to develop it, including information
you learn on the job
only "unique knowledge" to the firm will be considered their property
What is "prior art"? - CORRECT ANSWER-something that isn't patented because
it is in general use, something patented in another country, something pre-existing
(maybe slightly altered)
Correct Answers 100% Pass
How do you know when a trade secret exists? - CORRECT ANSWER-1. not
generally known
2. secure from access in a legal matter
3. gives owner a competitive edge (adding value)
intellectual property law - CORRECT ANSWER-has become more prevalent due
to the economy becoming more technology and service based
Are copyrights and trademarks secrets? - CORRECT ANSWER-no
When does the legal protection for a secret kick in? - CORRECT ANSWER-once
the secret is stolen
What is the most important fact for the court considering secrets? - CORRECT
ANSWER-having reasonable security measures
What all does the court consider in regards to trade secrets? - CORRECT
ANSWER-how many people know it? how valuable is it? How easy is it to
duplicate? how secure is the secret?
Misappropriation - CORRECT ANSWER-1. prove it was a secret
,2. reasonably protected
3. have to do something deceptive ( not necessarily breaking the law) in order to
steal it
compensation for trade secrets - CORRECT ANSWER-book value of the secret
lost profits
treble damages
can ask for punitive damages as well
Case: Integrated Cash Management & Digital Transactions - CORRECT
ANSWER-Two employees memorize the combination of two softwares and leave
to go to a new company where they use the combo and they get sued by their old
company because it was a trade secret and their old company won
Patent Requirements - CORRECT ANSWER-1. Patentable subject matter:
tangible subject matter created or invented
2. Utility: some usefulness
3. Novelty: unique, has to be significantly modified
4. Non-obviousness: to someone in the same industry (also applied for secondary
uses of products)
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
, Case: Assoc. for Molecular Pathology v. Myriad Genetics, Inc. - CORRECT
ANSWER-Myriad patented a process for locating a specific gene and reconfiguring
DNA, the DNA was patentable but the process for the gene was not because it
already exists in nature. Molecular Pathology tried to steal it and they got to keep
the gene part but no the DNA reconfiguration.
Who owns patents? (old rule and new rule) - CORRECT ANSWER-Old rule: first
to invent
New rule: first to file
(gave inventors an incentive to patent)
What is the patent rule called? - CORRECT ANSWER-America Invents Act
(AIA)
Why are there licenses for patents? - CORRECT ANSWER-SO you can sell the
license to produce the patented product
Inventions at Work, How do they work? - CORRECT ANSWER-your company
owns it only if you are using their resources to develop it, including information
you learn on the job
only "unique knowledge" to the firm will be considered their property
What is "prior art"? - CORRECT ANSWER-something that isn't patented because
it is in general use, something patented in another country, something pre-existing
(maybe slightly altered)
