SPM 4723 Exam 1 Study Questions || with 100% Error-free Answers.
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Module
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
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