LEGL 2700 Hackleman Exam with Guaranteed Accurate Answers

intellectual property - correct answer a product of the intellect, such as an expressed idea or concept, that has commercial value what article protects intellectual property? - correct answer article 1 section 8 justification - correct answer justifications are variously focused upon the activities of the creator of an intangible asset, its would-be user, and the community in which the creator operates importance - correct answer creates incentives by providing exclusivity competition - correct answer property rights in information reduce competition temporarily that could otherwise increase availability and keep prices low for consumers capturing - correct answer once something is put into the public domain, one cannot apply for intellectual property right to recapture trade secret - correct answer any form of knowledge or information that has economic value from not being generally known to others or readily ascertainable by proper means and has been the subject of reasonable efforts by the owner to maintain secrecy what are the characteristics of trade secrets? - correct answer economically valuable, don't have to be unique, do not expire to violate a trade secret, one must _____________ the information - correct answer misappropriate Uniform Trade Secrets Act - correct answer adopted by the majority of states to protect trade secrets; need to prove that there is a secret that had efforts of being kept and someone misappropriated and stole the secret, need to prove that the secret was valuable to the business T/F: a trade secret has to be unique to be protected - correct answer false establishing the existence of a trade secret - correct answer conduct a trade secret audit to identify confidential knowledge-based resources ways to preserve secrecy of a trade secret - correct answer lock written material, secure computer-stored knowledge with firewalls and encryption, impose confidentiality restrictions, regulate visitors, ask anyone involved with the secret to sign a nondisclosure agreement T/F: trade secrets do not expire - correct answer true; they last until discovery or loss Al Minor Associates vs. Martin - correct answer issue- Martin was an employer of the AMA and decided to start his own business while still working there, when he left he used the same customer list as the AMA; he memorized the list, he didn't print it holding- the court held that there is no distinction between memorizing and printing out the list and that Martin had violated keeping a trade secret demonstrating misappropriation - correct answer occurs when one improperly acquires or discloses secret information ___________ ________ and _______ ___________ are exempted when misappropriation is demonstrated - correct answer independent creation and reverse engineering independent creation - correct answer if two people came up with the same idea independently/ recreate the same information that one considers to be a trade secret, it is not misappropriation reverse engineering - correct answer looking at a product and figuring out how it works or how it is formulated is not misappropriation only if it is not patented T/F: innocently acquiring information is considered misappropriation of a trade secret - correct answer false employee mobility and trade secrets - correct answer confidentiality contract forbids employees from disclosing knowledge obtained in the workplace