The given statement , trade secrets have an unlimited duration, i.e. do not expire after a fixed period of time is True .
Generally speaking, any secret business information that gives a company a competitive edge and that no one else is aware of may be protected as a trade secret. The employee is the owner of any trade secrets developed or invented while employed, absent an assignment of the trade secret from the employee to the company.
In order for information to be declared a trade secret under American law, a corporation must take reasonable steps to keep it hidden from the general public, have economic value on its own, and contain information. Intellectual property of a firm includes trade secrets.
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