Agency is a relationship based on an agreement authorizing one person, the agent, to act for another, the principal. For example an agent may negotiate and make contracts with third persons on behalf of the principal. If an agent tries to do an act for his principal that he is not specifically authorized to do, the principal has the choice of ignoring the transaction or ratifying it. Generally, even an unauthorized act may be ratified.
Indiana Ratification by Principal of Agent's Execution of Contract
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FAQ
: to approve and sanction formally : confirm ratify a treaty.
The doctrine of ratification is concerned with acts performed without authority by an agent in the name of a principal. In short, ratification occurs whenever the ratifying party clearly manifests that he has adopted the unauthorized transaction effected by his agent purportedly on his behalf.
Agency by RatificationA principal may subsequently ratify an act done by a person who acted on his behalf without his permission or knowledge. If the act is ratified, a relationship of the agency will come into existence and it will be as if he had previously authorized the person to act his agent.
The generally accepted rule is that undisclosed principals cannot ratify contracts that their agents have entered into on their behalf.
By ratification: Section 196 of the Indian Contract Act provides that an agency can be created by ratification. It says that when an act is done by one person on behalf of another without his knowledge or authority, the person on whose behalf such act is done may ratify the act.
For ratification to be valid the Principal must be named or identifiable from the outset, and the agent must have purported to act as an agent. An undisclosed principal cannot ratify unauthorised act by an agent.
(Sec-196 to Sec- 200) Meaning-Ratification means approval of acts already done. When some person does some acts on behalf of another person without his knowledge or authority and such other person subsequently ratifies the acts done on his behalf.
Fffd Agency by Ratification: A confirmation by the principal of an act or contract performed or entered into on his or her behalf by another, who assumed, without authority, to act as his or her agent.
The President may form and negotiate, but the treaty must be advised and consented to by a two-thirds vote in the Senate. Only after the Senate approves the treaty can the President ratify it. Once it is ratified, it becomes binding on all the states under the Supremacy Clause.
The requisites of valid ratification are as follows:The Principal should be in Existence.The Agent must have Purported to Act for a Principal.The Principal should have Contractual Capacity.The Act should be Capable of Ratification:Principal should have Full Knowledge of Material Facts.Ratification Cannot be Partial.More items...
