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.
Massachusetts Ratification by Principal of Agent's Execution of Contract refers to the legal process through which a principal validates and accepts a contract that has been executed by their agent on their behalf. In this scenario, the principal confirms their intention to be bound by the terms and conditions outlined in the contract, even though it was initially entered into by their agent. Keywords: Massachusetts, ratification, principal, agent, execution of contract, validation, acceptance, terms and conditions. There are two types of Massachusetts Ratification by Principal of Agent's Execution of Contract: 1. Express Ratification: This type of ratification occurs when the principal explicitly and directly confirms their agreement to the contract after becoming aware of its existence. Express ratification can be done verbally or in writing. By expressly ratifying the contract, the principal essentially adopts the contract as if they had originally entered into it themselves. 2. Implied Ratification: Implied ratification takes place when the principal's actions or conduct indicate their acceptance and acknowledgment of the contract. Unlike express ratification, implied ratification is not explicitly stated but inferred from the principal's behavior. For example, if the principal receives benefits from the contract without objection, or takes actions consistent with the terms of the contract, it can be seen as implied ratification. In both cases, ratification by the principal validates the contract and binds them to its terms, ensuring that the contract's obligations are enforceable against both the agent and the principal. It is essential for the principal to carefully review the contract executed by their agent before ratifying it to ensure that they fully understand and agree to its terms. By understanding the concept of Massachusetts Ratification by Principal of Agent's Execution of Contract, principals can protect their rights and interests when entering into agreements through agents.
