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.
South Carolina Ratification by Principal of Agent's Execution of Contract is a legal process that occurs when a principal, in this case, an individual or entity, confirms and approves a contract executed by their agent on their behalf. It is an act of validation by the principal, whereby the agent's actions are officially recognized and binding. This process holds significant importance in ensuring the enforceability of contracts and protecting the rights and interests of all parties involved. In South Carolina, there are two main types of Ratification by Principal of Agent's Execution of Contract: 1. Express Ratification: This type of ratification occurs when the principal explicitly confirms and acknowledges the agent's actions by providing clear consent. It can be achieved through oral or written communication, including phone calls, letters, emails, or any other form of explicit approval. 2. Implied Ratification: Implied ratification takes place when the principal's actions or behaviors suggest their acceptance of the agent's actions without explicit communication. It can be inferred based on conduct or the principal's silence when presented with the contract. For example, if a principal receives benefits resulting from the agent's contract and does not object or take action to reject it, their silence can imply ratification. Keywords: South Carolina, ratification, principal, agent, execution of contract, legal process, validation, enforceability, rights, interests, parties, express ratification, implied ratification, consent, explicit approval, oral communication, written communication, behavior, conduct, silence, benefits. Note: It is always advisable to consult with a legal professional or refer to the specific laws and regulations in South Carolina for accurate and up-to-date information on Ratification by Principal of Agent's Execution of Contract.
