3 other types of IP:
1. Copyrights 2. Trademarks 3. Trade Secrets
Trade Secrets-as it is usually understood means a secret formula or process not patented, known only to certain individuals who use it in manufacturing some article of trade having commercial value. Itis rarely, if ever, used to denote the mere privacy with which ordinary commercial business is carried on.
Property Right: protection against unauthorized disclosure and if it is disclosed, can receive monetary compensation.
This is the law of torts.
One is liable when he or she discloses a trade secret if:
A. He discovered it by improper means B. The disclosure or use is in breach of confidence C. He learned of it from a third person with knowledge that it was secret, and the 3rd party was breaching his duty D. He noticed it was a secret and the disclosure was a mistake
Contrast with patents:
Trade secrets do not protect against reverse engineering or independent development
Patents require nonobviousness, which is a pretty high standard. Trade secrets, dependingvon the state, may only need to be marginally removed from common knowledge.
No filing requirement
Trademarks-cant purposefully confuse ppl with another company
Copyrights-title 17 us code
Covers original works of authorship in "fixed in a tangible medium"