Sports & Entertainment Marketing Mr. Bernstein Laws and Contracts, pp June 11, 2013

Sports & Entertainment Marketing Mr. Bernstein Liability Business owners are often legally liable, or responsible, for injuries or damages to employees or customers, if they could have prevented them Owners are responsible for vicarious liabilities 2

Sports & Entertainment Marketing Mr. Bernstein Risk Management Inviting large groups of people to view an event is asking for potential legal action Possible problems must be identified Plans for reducing risk must be created Employee education is important Some risks can be transferred by purchasing insurance 3

Sports & Entertainment Marketing Mr. Bernstein Licensing and Trademarks Licensing is the legal right to reproduce a team’s logo on clothes or other items Trademarks are words, symbols, designs, etc. used to identify business or product A US government agency, the US Patent and Trademark office, researches, issues and records Trademarks, Patents and Copyrights: *Note: we reviewed the trademarks in detail on March 8 4

Sports & Entertainment Marketing Mr. Bernstein Contracts A Private, Voluntary Agreement to Exchange Valuable Things or Promises An Agreement in a Form Courts Will Enforce The Basis for All Economic Activity Without solid contract law, how would an economy operate? “Law of the Jungle” Risk Aversion by Businesses Lower Standard of Living (except for the King of the Jungle?) 5