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 Dakota Ratification by Principal of Agent's Execution of Contract is a legal concept that pertains to the confirmation and acceptance of a contract signed by an agent on behalf of a principal. When an agent enters into a contract on behalf of a principal, it is essential for the principal to ratify the agent's actions in order to legally bind themselves to the terms and obligations outlined in the contract. In South Dakota, there are different types of Ratification by Principal of Agent's Execution of Contract, each with its own implications and requirements. These include: 1. Express Ratification: This type of ratification occurs when the principal explicitly confirms and approves the agent's actions in writing or through verbal communication. Express ratification is straightforward, as the principal explicitly acknowledges the contract terms and agrees to be bound by them. 2. Implied Ratification: Implied ratification takes place when the principal's actions, although not explicitly stating their intention to be bound by the contract, demonstrate their acceptance and approval of the agent's actions. For example, if the principal receives benefits or payments resulting from the contract, it can be inferred that they have implicitly ratified it. 3. Conditional Ratification: Conditional ratification occurs when the principal agrees to bind themselves to the contract only if certain conditions or requirements are met. This type of ratification allows the principal to ensure that specific conditions are fulfilled before fully accepting the agent's actions and the contract. 4. Unconditional Ratification: Unconditional ratification happens when the principal completely and without any conditions, ratifies the agent's execution of the contract. In this case, the principal is bound by all terms and obligations from the moment of ratification, without any qualifications or contingencies. It is important to note that the specific requirements and processes for ratification by principal of agent's execution of contract in South Dakota may be subject to the state's laws and regulations. It is advisable to consult with a legal professional to fully understand the implications and procedures related to ratification in South Dakota.
