Mike Is a High School Dropout Employed as a Counter

question 42

Essay

Mike is a high school dropout employed as a counter worker at a Kentucky Fried Chicken (KFC) outlet in Georgia. He has been voted the employee of the month and has been awarded a trip to Louisville, Kentucky, to visit the KFC headquarters. While there, he notices an open wall safe, and when he looks inside, he discovers the Colonel's secret recipe of 23 herbs and spices. He quickly makes a copy and returns the original to the safe. Once he arrives home, he contacts a number of local fried-chicken restaurants and offers to sell them the recipe. When KFC finds out what he's doing, the company immediately sues him, but it discovers that there are no applicable trade secret statutes. What effect does the failure of an applicable statute have, and what, if anything, can KFC do?

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Definitions:

LIBOR

The London Interbank Offered Rate is a standard interest rate used by leading international banks for loans to each other.

Federal Funds Rate

The Federal Funds Rate is the interest rate at which depository institutions lend reserves maintained at the Federal Reserve to other depository institutions overnight.

Bankers' Acceptances

Short-term credit investments created by a non-financial firm and guaranteed by a bank.

Money Market Funds

Investment funds that invest in short-term debt securities with the aim of offering high liquidity with a low level of risk.