Trade Secret Legal Meaning and Definition

Here is a simplified definition of the legal term Trade Secret.

Trade Secret (noun): A trade secret refers to unique, confidential information associated with a business, which might include methods, processes, plans, formulas, or ideas. This valuable information gives the business an edge over its competitors. If this information is revealed, the owner of the trade secret may seek legal redress, including damages and court-ordered injunctions to prevent further disclosure. In a lawsuit involving trade secrets, a "protective order" might be sought from the judge to preserve confidentiality or seal case records referencing the trade secret.