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.
Nevada Ratification by Principal of Agent's Execution of Contract refers to the process by which a principal validates and accepts a contract that was initially executed by their agent on their behalf. In this scenario, the principal confirms their intention to be bound by the terms and conditions of the contract that the agent entered into. In Nevada, the ratification by the principal of an agent's execution of a contract can occur in various forms, including express ratification and implied ratification. 1. Express Ratification: This type of ratification occurs when the principal explicitly confirms their acceptance of the contract. It can be done through written or verbal communication, or even by signing a document that explicitly acknowledges the ratified contract. 2. Implied Ratification: In some cases, the actions or conduct of the principal can imply their intention to accept and be bound by the contract that the agent entered into. For example, if the principal receives benefits from the contract or allows the other party to perform their obligations without objection, it may imply ratification. Keywords: Nevada, ratification, principal, agent, execution of contract, express ratification, implied ratification, terms and conditions, validate, accept, intention, bound, written communication, verbal communication, signed document, acknowledged, actions, conduct, benefits, obligations, objection.
