Trade secret is sometimes hard to define, but we generally know what one is from "gut instinct." The Restatement of Torts defines a trade secret as "a trade secret may consist of any formula, pattern, devise or compilation of information which is used in one's business, and which gives him an advantage over competitors who do not know or use it."

The Uniform Trade Secret Act defines a trade secret as "information, including a formula, patterns, compilation, program, device, method, technique, or process, that:

(i) derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means, by other persons who can obtain some economic value from its disclosure or use, and

(ii) is the subject of efforts that are reasonable under the circumstances to maintain secrecy."