CHAPTER 8 DISCUSSION QUESTIONS1) Define "offer."2) What are the material terms of an offer?3) Define "acceptance."4) The a...
CONTRACT-AN AGREEMENT CREATING AND DEFINING THEOBLIGATIONS BETWEEN 2 OR MORE PARTIES.
ELEMENTS OF A CONTRACT
1) OFFER-A PROMISE TO DO, OR REFRAIN FROM DOING, SOMETHING IN THEFUTURE.OFFEROR:-THE PARTY MAKING THE OFFER.OFFEREE:-THE P...
MATERIAL TERMS3) THE PARTIES INVOLVED.4) THE SUBJECT MATTER.5) THE TIME & PLACE.6) THE CONSIDERATION.
2) ACCEPTANCE-OCCURS WHEN THE OFFEREE ACCEPTS THE OFFEROR’S PROPOSAL.-CONTRACT IS NOT ENFORCEABLE UNTIL OFFEREE ACCEPTS.-O...
3) CONSIDERATION-THE EXCHANGE OF VALUE.-MAKES THE CONTRACT BINDING.-A CONTRACT IS ONLY LEGALLY BINDING IF BOTH  PARTIES AR...
4) CAPACITY-THE ABILITY OR POWER OF A PERSON TO ENTER INTO ANAGREEMENT OR CONTRACT.-THE LAW PRESUMES THAT CERTAIN PEOPLE L...
5) LEGALITY-A CONTRACT MUST BE LEGAL FOR IT TO BE BINDING.
6) BREACH-OCCURS WHEN AN OBLIGATION SPECIFIED IN ACONTRACT IS NOT MET.
THE 3 LEGITIMATE DEFENSES FOR CONTRACTUAL BREACH3) IMPOSSIBILITY OF PERFORMANCE   -CONTRACT CANNOT BE PERFORMED.   -CONTRA...
7) DAMAGES  -IN ORDER TO REMEDY A SITUATION IF A CONTRACT       WERE BROKEN, THE COURTS MAY AWARD COMPENSATORY PACKAGES OR...
UNILATERAL VS BILATERAL CONTRACTS                   UNILATERAL CONTRACT-THE OFFER CAN ONLY BE ACCEPTED BY PERFORMING AN AC...
COMMON TYPES OF SPORT FACILITY CONTRACTS
INDEPENDENT CONTRACT AGREEMENT-HIRING OR OUTSOURCING AN ORGANIZATION TO PERFORM A CERTAINSERVICE OR UNDERTAKE A SPECIFIC P...
FACILITY CONTRACT-ALLOWS THE CONTRACTED PERSON(S) TO USE THE FACILITY FOR ASET PERIOD OF TIME, FOR A SET FEE, & FOR A DESI...
GAME CONTRACT-GENERALLY BETWEEN 2 SCHOOLS THAT IDENTIFIES ONE GAME, ORA SERIES OF GAMES, TO BE PLAYED.-MICHIGAN & NOTRE DA...
EVENT CONTRACT-AN AGREEMENT TO HOST AN EVENT AS WELL AS THE ANCILLARYEVENTS ASSOCIATED WITH THE EVENT.
LICENSING AGREEMENT-A CONTRACTUAL AGREEMENT THAT GIVES SOMEONE PERMISSION TOENGAGE IN A SPECIFICALLY DEFINED ACTIVITY, OR ...
SPONSORSHIP CONTRACT-AN AGREEMENT WHEREBY CORPORATE SPONSORS PROVIDEFINANCIAL PACKAGES OR SOME KIND OF IN-KIND PRODUCT TO ...
4 TYPES OF SPORTS SPONSORSHIP CONTRACTS
1) TITLE SPONSOR
2) PRESENTING SPONSOR
3) OFFICIAL PRODUCT SPONSOR
4) MEDIA SPONSOR
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Chapter 8

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Chapter 8

  1. 1. CHAPTER 8 DISCUSSION QUESTIONS1) Define "offer."2) What are the material terms of an offer?3) Define "acceptance."4) The acceptance of an offer that has not been expressed in words or by actionsis known as what?5) Define "consideration."6) Define "capacity."7) When does breach of a contract occur?8) What is it called when the courts may order the party in breach to fulfill thecontract, when appropriate?9) What is the difference between a bilateral & unilateral contract?10) What are the 3 legitimate defenses for contractual breach?11) What is an indemnification agreement?12) What does a noncompetition covenant or promise state?13) What is a contractual agreement that gives someone permission to engage ina specifically defined activity or to use a certain property owned by someoneelse?14) What is a means to protect ownership or proprietary rights to property?15) What company is assigned the rights to sell the NCAA souvenir merchandiseat 88 NCAA championships?
  2. 2. CONTRACT-AN AGREEMENT CREATING AND DEFINING THEOBLIGATIONS BETWEEN 2 OR MORE PARTIES.
  3. 3. ELEMENTS OF A CONTRACT
  4. 4. 1) OFFER-A PROMISE TO DO, OR REFRAIN FROM DOING, SOMETHING IN THEFUTURE.OFFEROR:-THE PARTY MAKING THE OFFER.OFFEREE:-THE PARTY TO WHOM THE OFFER IS MADE.
  5. 5. MATERIAL TERMS3) THE PARTIES INVOLVED.4) THE SUBJECT MATTER.5) THE TIME & PLACE.6) THE CONSIDERATION.
  6. 6. 2) ACCEPTANCE-OCCURS WHEN THE OFFEREE ACCEPTS THE OFFEROR’S PROPOSAL.-CONTRACT IS NOT ENFORCEABLE UNTIL OFFEREE ACCEPTS.-ONLY OFFEREE CAN ACCEPT.-IF OFEREE REJECTS, THE OFFER IS DEAD.-ACCEPTANCE BY SILENCE: -THE ACCEPTANCE OF AN OFFER DOES NOT HAVE TO BE EXPRESSED IN WORDS OR BY ACTIONS.
  7. 7. 3) CONSIDERATION-THE EXCHANGE OF VALUE.-MAKES THE CONTRACT BINDING.-A CONTRACT IS ONLY LEGALLY BINDING IF BOTH PARTIES ARE RECEIVING “VALUE.”-3 MAIN FORMS OF VALUE: 1) MONEY 2) GOODS 3) SERVICES
  8. 8. 4) CAPACITY-THE ABILITY OR POWER OF A PERSON TO ENTER INTO ANAGREEMENT OR CONTRACT.-THE LAW PRESUMES THAT CERTAIN PEOPLE LACK THE LEGALCAPACITY TO ENTER INTO CONTRACT. 1) MINORS 2) MENTALLY INCOMPETENT
  9. 9. 5) LEGALITY-A CONTRACT MUST BE LEGAL FOR IT TO BE BINDING.
  10. 10. 6) BREACH-OCCURS WHEN AN OBLIGATION SPECIFIED IN ACONTRACT IS NOT MET.
  11. 11. THE 3 LEGITIMATE DEFENSES FOR CONTRACTUAL BREACH3) IMPOSSIBILITY OF PERFORMANCE -CONTRACT CANNOT BE PERFORMED. -CONTRACT HAS BECOME ILLEGAL. -ONE OF THE CONTRACTED PARTIES HAS DIED.4) FRUSTRATION OF PURPOSE -DUE TO UNFORESEEN CIRCUMSTANCES THE CONTRACTED MATTER NO LONGER HAS ANY VALUE.5) CONTRACTUAL IMPRACTICABILITY -THROUGH NO FAULT OF THE BREACHING PARTY THE COST OF FULFILLING THE CONTRACT HAS BECOME UNREASONABLE & TEHREFORE IMPRACTICAL.
  12. 12. 7) DAMAGES -IN ORDER TO REMEDY A SITUATION IF A CONTRACT WERE BROKEN, THE COURTS MAY AWARD COMPENSATORY PACKAGES OR LIQUIDATED DAMAGES ($) IN ORDER TO FULFILL THE OBLIGATION.-SPECIFIC PERFORMANCE: -THE COURTS MAY ORDER THE PARTY IN BREACH TO FULFILL THE CONTRACT, WHEN APPROPRIATE.
  13. 13. UNILATERAL VS BILATERAL CONTRACTS UNILATERAL CONTRACT-THE OFFER CAN ONLY BE ACCEPTED BY PERFORMING AN ACT. EXAMPLE: -IF A-ROD HITS 50 HOMERUNS THE YANKEES WILL PAY HIM $20 MILLION. -A-ROD CAN ONLY COLLECT THE MONEY BY HITTING 50 HOMERUNS. HE CANNOT PROMISE TO DO SO. BILATERAL CONTRACT-THE OFFEREE MAY ACCEPT A PROMISE BY THE OFFEROR WITH APROMISE. EXAMPLE: -IF A-ROD PROMISES TO HIT 50 HOMERUNS THE YANKEES WILL PAY HIM $20 MILLION.
  14. 14. COMMON TYPES OF SPORT FACILITY CONTRACTS
  15. 15. INDEPENDENT CONTRACT AGREEMENT-HIRING OR OUTSOURCING AN ORGANIZATION TO PERFORM A CERTAINSERVICE OR UNDERTAKE A SPECIFIC PROJECT.-AS A GENERAL RULE, AN EMPLOYER IS NOT LIABLE FOR THE NEGLIGENCEOF AN INDEPENDENT CONTRACTOR.-THE ORGANIZATION DOES RETAIN CERTAIN OBLIGATIONS: 1) MUST ASCERTAIN THAT THE INDEPENDENT CONTRACTOR IS COMPETENT TO PROVIDE THE SERVICE OR COMPLETE THE PROJECT. 2) RESPONSIBLE FOR SAFELY MAINTAINING ANY BUSINESS PREMISES OPEN TO THE PUBLIC.
  16. 16. FACILITY CONTRACT-ALLOWS THE CONTRACTED PERSON(S) TO USE THE FACILITY FOR ASET PERIOD OF TIME, FOR A SET FEE, & FOR A DESIGNATEDPURPOSE.INDEMNIFICATION AGREEMENT:-HOLDS THE FACILITY OWNER HARMLESS FOR THE EVENTSCONTRACTED & EXPRESSES A PROVISION THAT THE CONTRACTEDPERSON(S) POSSESS INSURANCE FOR THE EVENT.
  17. 17. GAME CONTRACT-GENERALLY BETWEEN 2 SCHOOLS THAT IDENTIFIES ONE GAME, ORA SERIES OF GAMES, TO BE PLAYED.-MICHIGAN & NOTRE DAME HAVE A GAME CONTRACT FOR FOOTBALLUNTIL 2031.
  18. 18. EVENT CONTRACT-AN AGREEMENT TO HOST AN EVENT AS WELL AS THE ANCILLARYEVENTS ASSOCIATED WITH THE EVENT.
  19. 19. LICENSING AGREEMENT-A CONTRACTUAL AGREEMENT THAT GIVES SOMEONE PERMISSION TOENGAGE IN A SPECIFICALLY DEFINED ACTIVITY, OR TO USE A CERTAINPROPERTY OWNED BY SOMEONE ELSE.LICENSE:-A MEANS TO PROTECT OWNERSHIP OR PROPRIETARY RIGHTS TO PROPERTY.
  20. 20. SPONSORSHIP CONTRACT-AN AGREEMENT WHEREBY CORPORATE SPONSORS PROVIDEFINANCIAL PACKAGES OR SOME KIND OF IN-KIND PRODUCT TO THEGAME/EVENT IN EXCHANGE FOR ADVERTISING SPACE OR A PROMISETO USE THE PRODUCT BY THE HOST ORGANIZATION IN A MANNERTHAT IS BENEFICIAL TO THE SPONSOR.IN-KIND PRODUCT:-GOODS OR SERVICES OTHER THAN MONEY.
  21. 21. 4 TYPES OF SPORTS SPONSORSHIP CONTRACTS
  22. 22. 1) TITLE SPONSOR
  23. 23. 2) PRESENTING SPONSOR
  24. 24. 3) OFFICIAL PRODUCT SPONSOR
  25. 25. 4) MEDIA SPONSOR

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