Asked by Jessica Slate on May 14, 2024
Verified
List the requirements for agency by ratification, and then list the requirements that must be met for ratification to be effective.
Agency by Ratification
An arrangement where a principal formally approves an act performed by someone who did not have the authority to act as their agent at the time of the act.
Ratification Requirements
Key provisions that must be met for an agreement or treaty to be officially approved and adopted by the involved parties.
Ratification to Be Effective
The process through which formal validation or approval is given, making an agreement officially valid.
- Understand the legal and procedural prerequisites for agency agreements, including the necessity for written documentation.
- Comprehend the legal consequences of violating the terms of an agency agreement, particularly in relation to confidentiality and the obligation of loyalty.
Verified Answer
SL
Sidney LancasterMay 20, 2024
Final Answer :
The requirements for agency by ratification are as follows:
1. An individual must misrepresent himself or herself as an agent for another party.
2. The principal accepts or ratifies the unauthorized act.
For ratification to be effective, the following requirements must be met:
1. The principal must have complete knowledge of all material facts regarding the contract.
2. The principal must ratify the entirety of the agent's act. The principal cannot accept certain parts of the agent's act and reject others.
1. An individual must misrepresent himself or herself as an agent for another party.
2. The principal accepts or ratifies the unauthorized act.
For ratification to be effective, the following requirements must be met:
1. The principal must have complete knowledge of all material facts regarding the contract.
2. The principal must ratify the entirety of the agent's act. The principal cannot accept certain parts of the agent's act and reject others.
Learning Objectives
- Understand the legal and procedural prerequisites for agency agreements, including the necessity for written documentation.
- Comprehend the legal consequences of violating the terms of an agency agreement, particularly in relation to confidentiality and the obligation of loyalty.