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21 Cards in this Set
- Front
- Back
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_____ is a fiduciary relationship created by express or implied contract, or by law, in which one person (the agent) is authorized to act on behalf of another (the principal), binding the principal to the action taken or agreements made |
Agency |
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_____ - one who acts for the benefit of another, and who owes to him/her the duties of good faith, fair dealing, trust, confidence and cander |
Fiduciary |
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_____ is one who is authorized to represent another to transact business or manage some affair for him/her |
Agent |
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_____ is one who allows another to act for him/her, or on his/her behalf |
Principal |
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An agency relationship is based on a _____; in order to establish an agency relationship there must be an _____, which constitutes the contract between the parties |
Specialized type of contract
Agreement |
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Agency is a _____ relationship - one that requires loyalty, integrity, good faith and honest dealing |
Fiduciary |
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An agency my be created by: (4 things) |
Express contract Implied contract Power of attorney Attorney in fact |
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The most widely used type of written, express agency agreement is _____ (name and define) |
Power of attorney
An instrument authorizing one person to act for or on behalf of another |
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_____ - the person authorized to act for another in a power of attorney |
Attorney in fact
(instead of being called an agent) |
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How much authority does an agent have and who is the source of power in an agency relationship? |
The agent has only as much authority as the Principal has given them
The source of power is ALWAYS the principal |
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Types of authority in an agency relationship: |
Express Implied |
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Limitations on authority of agent: (3 name and describe) |
Contractual limitations: agent can only do what they are authorized to do
Delegation of authority: agent cannot delegate authority unless the principal authorizes it
Duty of third person to inquire: third party has the duty to determine the existence of the agency and the extent of the agent's authority |
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Termination of agency relationship |
Duration Revocation by principal Renunciation by agent Termination by operation of law |
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_____ - An agency relationship may be revoked at any time by the principal by giving the agent notice; however, principal might still owe agent for services |
Revocation by principal |
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Renunciation by agent can be _____ or _____ (name and describe) |
Voluntary: revocable at will by agent
Involuntary: agent acts in a manner incompatible with the fiduciary relationship |
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An agency relationship can be terminated by operation of law by _____ or _____ |
- Death of principal or agent - Mental incapacity of principal or agent |
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3 athlete agent statutes |
- Sports Agent Responsibility & Trust Act (SPARTA) - Uniform Athlete Agents Act - State Athlete Agents Acts |
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SPARTA was signed by _____ and put into effect on _____ |
George W Bush September 24, 2004 |
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In SPARTA the US congress urges states to adopt the _____ to protect student athletes and amateur sports; the National Conference of Commissioners on uniform state laws drafted this which became effective in _____ |
Uniform Athlete Agents Act (UAAA)
2000 |
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As of January 1, 2014 _____ states have passed UAAA; _____ states have agent laws other than UAAA; _____ states have no agent laws |
41 3 (CA, MI, OH) 6 (AK, MA, ME, NJ, VA, VT) |
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The Texas Athlete Agent Act follows the _____ and is found in _____ of the Texas Occupations Code |
UAAA Chapter 2051 |
