Legal Question in Business Law in Michigan
protecting the idea
I have an idea that I was told would make alot of money if I sold it to hallmark or FTD or Martha Stewart. I need to know how I can protect this idea. What I would need to do legally to protect it and then present the idea for a negotiation of profit.
thank you ever so much!
I am so happy you are here....my lawyer i have had for years couldn't answer this for me.
Blessings
1 Answer from Attorneys
Re: protecting the idea
The manner of protection depends upon what kind of "idea" (or intellectual property) is involved. If the idea involves something that is covered under the U.S. copyright laws, trademark laws, or patent laws, then it will be necessary to consult with an attorney who can advise you as to the requirements for registering the idea, so that the protection of federal or state laws can be applied to the idea.
Often, an idea can be protected as a "trade secret". A trade secret can be protected the Michigan Uniform Trade Secrets Act. A contract which conforms to the Act can be created where the person who has the idea and the person to whom the idea will be disclosed agree that the idea remains the property of the person who is doing the disclosing. The contract should be written, and it should be signed by the person to whom the idea is being disclosed.
The Michigan Uniform Trade Secrets Act protects certain patterns, compilations, programs, devices, methods, techniques, or processes. It applies only where the idea has economic value as a result of its not being generally known to other persons and not being readily ascertainable by other persons. The idea must be one by which those other persons could profit. The inventor or creator of the idea also must take reasonable measures to protect the secrecy of the idea. The contract mentioned above is one such method of protecting the idea. Other protective methods might be relevant.
This response is not intended as legal advice. Your rights and obligations will depend upon the particular facts and circumstances affecting this matter. You should consult an attorney in your area to discuss all of the relevant facts and circumstances. No attorney/client relationship is created as a result of this response. I may be contacted at 248.788.8225.
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