SPM 4723 Exam 1 Study Questions || with 100% Error-free Answers.
1 view 0 purchase
Course
SPM 4723
Institution
SPM 4723
Five Reasons for Growth of Sports Agent Industry correct answers 1. Demise of the reserve clause in player contracts during the 1970's
2. Competition from Rival Leagues
3. Player Union Strength INCREASE
4. TAX planning was needed
5. Additional Sources of Revenue
Who is an agent? correct ans...
SPM 4723 Exam 1 Study Questions || with 100% Error-free
Answers.
Five Reasons for Growth of Sports Agent Industry correct answers 1. Demise of the reserve
clause in player contracts during the 1970's
2. Competition from Rival Leagues
3. Player Union Strength INCREASE
4. TAX planning was needed
5. Additional Sources of Revenue
Who is an agent? correct answers Anyone who has a client
Is Law school required to be an agent? correct answers Anyone who has a client
What are runners? correct answers non-agent consultants or employees who work for agents or
independent contractors who look for a "finders fee" in exchange for "delivering" a client to an
agent
What is an agency law principle? correct answers where one person (the agent) acts on behalf of
another (The principle)
2 types of actual authority correct answers 1. Express Authority (written or oral agreement)
2. Implied authority (agent can perform incidental acts as derived from underlying agreement)
Fiduciary Duty correct answers agent must act for the benefit of the principal in all facets of the
agency relationship
Types of Fiduciary Duty correct answers a. Duty of loyalty
b. Duty of obedience
c. Conflict of interest
Regulation of Agents correct answers -Unions
-Federal Law
-State Law
-Individual University
-Model Ruled of Professional Conduct
-Litigation and Arbitration
Why do agents exist? correct answers agents exist because unions say they can
Who is the federal law enforced by? correct answers FTC
Model Rules of Professional Conduct correct answers -Solicitation
, -Conflict of interest
-Splitting fees
-Scope
What is the cap on team sport vs. Individual correct answers -Team: may have cap on what
agents earn
-Individual: no cap on fees (can charge whatever)
Elements of an Enforceable contract correct answers CCOAL
(Consideration, Capacity to contract, offer, acceptance, legal purpose)
Do contracts have to be written? correct answers NO
Common provisions of contracts correct answers 1. Parties
2. Terms
3. Warranties and Reps
4. Obligations and duties
5. Termination Clause
Types of Sports Contracts correct answers Team playing contract
Endorsement
Licensing
Appearance
Employment
Letter of intent
Health Club
Agent Rep
Damages and Remidies correct answers -Specific performance (forced to perform ex: lawn care)
-Consequential damages (loss as result of breach)
- Liquidated damages (set forth in contract)
-Punitive damages (punish wrongdoer)
-Duty to mitigate damages (minimize damages)
What is a Tort? correct answers private lawsuit between 2 or more parties
What is a crime? correct answers prosecution by the government with the "people" as the
"plaintiff"
What is the purpose of Tort Law correct answers compensate the injured party
What is the purpose of Criminal Law correct answers punish the wrongdoer
What is the burden of proof for TORT correct answers preponderance of the evidence
What is the burden of proof for CRIME correct answers beyond a reasonable doubt
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.69. You're not tied to anything after your purchase.