Lodown Ltd., a company created by Mr. Day, became very successful over its 10-year history. The company was run by Day, as president, and three vice presidents (Martin, Mull, and Rand) who made up the executive board. At their last meeting, Day announced that he had confidential information to share with them-namely, that his wife was terminally ill, that he was withdrawing from active management for an indefinite period of time, and that he would transfer his responsibilities to Martin. Rand repeated this information to others, and by doing so, he caused the company to lose a lucrative contract being negotiated and also caused Day personal embarrassment and monetary loss in his personal affairs. On these facts, which of the following is true?
◦ In law, there can be no action against Rand because the information he repeated was not a trade secret.
◦ The company would have an action against Rand because it is a commercial enterprise that suffered a loss because he breached his fiduciary duty to the company.
◦ Rand owes no fiduciary duty to the company as an officer of the company.
◦ Rand cannot be sued since the information disclosed was personal and did not deal directly with the business.
◦ A non-disclosure provision is required; Day simply putting the members of the executive on notice that they were expected to keep the information confidential is not sufficient to bring action.
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