Asked by Grace Ferreira on Jul 29, 2024
Verified
List the requirements for a finding of agency by ratification and the requirements needed for ratification to be effective.
Effective
The degree to which something is successful in producing a desired or intended result.
Ratification
The official way to confirm something, usually by vote, making it valid or officially approved.
Agency
A legal entity in which one party (the agent) is authorized to act on behalf of another (the principal) in creating legal relationships with third parties.
- Identify requirements for agency by ratification and the efficacy of ratification.
Verified Answer
ZK
Zybrea KnightAug 04, 2024
Final Answer :
Two requirements are needed for agency by ratification:
1.An individual must misrepresent himself or herself as an agent for another party; and
2.The principal accepts or ratifies the unauthorized act.
For ratification to be effective,two additional requirements must be met:
1.The principal must have complete knowledge of all material facts regarding the contract; and
2.The principal must ratify the entirety of the agent's act.
1.An individual must misrepresent himself or herself as an agent for another party; and
2.The principal accepts or ratifies the unauthorized act.
For ratification to be effective,two additional requirements must be met:
1.The principal must have complete knowledge of all material facts regarding the contract; and
2.The principal must ratify the entirety of the agent's act.
Learning Objectives
- Identify requirements for agency by ratification and the efficacy of ratification.
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