Legal Aspects Final Exam

K in a circle. Three components: offer, consideration, acceptance

Party extends an invitation to either perform an act of refrain from performing an act

"the going concern" combination of gain and loss

Partiest to the agreement simultaneously reach agreement on all material terms

acts as invitation to agreement and rejection of previous offer

Where a 3rd party neutral is called upon to resolve a dispute to at least 2 parties to a dispute. typically binding, can opt out of secrecy, occurs in initial stages up to verdict, court ordered, involuntary

litigating case with limited info to 3rd party, confidential, decision from arbitrator= writes written opinion and submits to judge) check and done

Where a 3rd party neutral is called upon to resolve a difference to at least 2 partiest to a dispute. not binding unless they agree

Form of ADR, parties deal directly with each other, low risk b/c voluntary, use at any stage of conflict, parties choose mediator, cost effective, most use confidentiality agreement, relationships can continue after, goal= written agreement

Responsible for managing schedule, understanding performers, day to day wants and needs and accomodating wants and needs



"musician marriage"
-communication with others is rooted through PM
-supervisor&coordinator of business& career activities
-independent contractors (separate identity and liability of their actions)
-operate in capacity of a fiduciary(special trust is placed, allegiance owed to principal). Clients best interest always comes first

(professional who went to school for it) asset and royalty collection, responsible for managing financial assets: real property, retirement portfolio, bank account, asset collection, royalty collection



Oversees financial aspects of client's life. no credentials needed
Seven functions of business manager:
bookkeeping&income collection: invoices, bank accounts, income, royalties
financial reporting:tax projections and budget
tax services&estate planning: how artist should form as business entity, tax compliance, longterm financial objectives, estate and fincnial planning
Touring service:projected income, expense breakdown, tour stuff
Asset administration:investment portfolio
royalty examination:audit
Music Publishing ADministration: limited abitily of BM to adminster publishing. led to loss in revenue. have gained back role as publishing administrator

Primarily concerned with performance only. "product placement specialist" for the artist (ie. looking for venues to serve artist, pair with other artists). collects money from performances


Procure employment&engagements for performers.
Negotiate bookings
Deposits and settlements
Further artist's career
Deal with legalities
Tour sponsorship
Promotional appearances on TV
"brand" artist
Endorsement deals


10-20 percent commission, looking for cross market appeal

only there to analyze agreement between you and (venue, manager, etc). does not involve asset management, drafting riders, etc.




Professional with legal training who is licensed to practice law in particular states.
4 activities=
1. consultation with clients
2. drafting& negotiating legal documents
3. representing clients before the courts
4. compliance with local, state, or gvt laws
Professional rules of responsibility= They may not take a financial interest in client. Unethical to declare being a specialist except patent attorneys

Music attorney activities:
1. some act as PM, BM, agent (shop the deal, seek engagements)
2.. track down money (royalty collection, litigation)
3. protector (protect act from PM)
Solo practioner to major firms, Boutique firms
"on the come" = work for free until they make it

judicial system. Be able to draw chart
US SUPREME COURT
2nd circuit COA----------Court of appeals
4 districts------------------appellate division
--------------------------------supreme court
----------------------family court---county----surrogate court
-----------------------------------------city
-----------------------------------------local

trial level court capable ot rendering a legal decision on all legal matters

Temporary Restraining Order. Order to refrain from performing an act for a definite period of time.

OTSC: order to show cause. expedites a party's ability to enter into court on a legal dispute "legal trick"

permanent-- long enough to correct the wrong. Only part of the final verdict

OTSC&complaint (TRO can be here)--------TRO converts to permanent injunction depending on judge decision