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.
North Dakota Ratification by Principal of Agent's Execution of Contract is a legal process that occurs when a principal approves or confirms the actions of an agent who has entered into a contract on their behalf. This ratification serves to bind the principal to the terms and obligations outlined within the contract, even if the principal was initially unaware of or did not authorize the agent's actions. In North Dakota, there are two types of ratification by the principal of an agent's execution of a contract: 1. Express Ratification: This type of ratification occurs when the principal explicitly and clearly acknowledges and accepts the agent's actions on their behalf. Express ratification can be in the form of a written statement, a verbal agreement, or other explicit communication that confirms the agent's authority and the validity of the contract. 2. Implied Ratification: Implied ratification arises when the principal, through their conduct or behavior, indicates their acceptance of the agent's actions and the contract they entered into. This can be demonstrated by the principal's acceptance of the benefits derived from the contract or by their failure to disapprove or reject the agent's actions within a reasonable period of time. Keywords: North Dakota, ratification by principal, agent's execution of contract, legal process, approve, confirm, bind, terms, obligations, express ratification, implied ratification. Note: Legal matters can be complex, and it is always advisable to consult with a qualified attorney or legal professional before taking any actions relating to North Dakota Ratification by Principal of Agent's Execution of Contract.
