SMGT 3861 Lecture Notes - Lecture 4: Estate Planning, Apparent Authority, Career Management

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Published on 2 Mar 2019
School
Course
Professor
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
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