SMGT 3861 Lecture Notes - Lecture 4: Estate Planning, Apparent Authority, Career Management
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Published on 2 Mar 2019
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Chapter 4: Agency Law
Saturday, March 2, 2019
1:10 PM
Definition: Agency Law
• Law that governs the relationship between a principal and an agent
• A legal relationship that is essential to business function (e.g., entering into
contracts)
Agency Relationship
• Fiduciary duty: principal manifests assent to agent
o The agent shall act on the principal's behalf
o Subject to the principal's control
o The agent manifests assent or otherwise consents so to act
• Both agent and principal must agree to be part of relationship
• Can be oral or written agreement
o Typically should be written
• Both parties must have legal capacity to enter into relationship - contract
requirement
Roles of Sport Agents - Page 75
• Negotiate employment contracts
• Career management
• Represent organizations in negotiations with sponsors, advertisers, and
media
• Manage financial planning, estate planning and post career
• Enter into contracts with entities that run events
• Conduct estate and financial planning
• Secure investment and appearance opportunities
• Assist in developing web presence or marketing campaigns
• Manage appearances, signings, speaking engagements, etc.
Agency Formation
• By agreement - by contract
• By ratification: principal accepts/affirms the acts of a person who has no
authority
• Authority
o Actual
o Apparent
Ratification