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.
Virginia Ratification by Principal of Agent's Execution of Contract is a legal process that occurs when a principal affirms or validates a contract executed on their behalf by an agent. This form of ratification provides the principal with an opportunity to accept the terms of a contract and be bound by its obligations, even if the agent did not have explicit authority to act on their behalf. In the state of Virginia, ratification by principal of agent's execution of contract falls under the purview of contractual law and is governed by the Virginia Code. It is essential to understand the various types of ratification available in Virginia, which include: 1. Express Ratification: Express ratification occurs when a principal explicitly confirms or approves a contract executed by their agent. This could be done through written or verbal communication, actions, or conduct that clearly indicates the principal's intention to be bound by the contract. 2. Implied Ratification: Implied ratification in Virginia occurs when a principal accepts the benefits of a contract that was executed by an agent without objection or protest. By willingly accepting the advantages derived from the contract, the principal shows their consent and ratifies the agreement implicitly. 3. Partial Ratification: In some cases, a principal may ratify only a specific portion or terms of a contract, rather than accepting the entire agreement executed by their agent. This type of ratification is known as partial ratification and may occur if the principal finds particular provisions acceptable while rejecting others. 4. Conditional Ratification: Conditional ratification refers to a situation where a principal agrees to be bound by a contract executed by their agent, but sets specific conditions or terms that need to be met for the ratification to be valid. The principal's ratification becomes effective only if these specified conditions are fulfilled. It is important to note that ratification by a principal implies that the principal accepts both the rights and the liabilities associated with the contract. Once a principal ratifies an agent's execution of a contract, they are bound by its terms and cannot disavow or cancel the agreement merely because the agent lacked authority at the time of execution. Virginia Ratification by Principal of Agent's Execution of Contract serves as a mechanism to uphold the principles of fairness and accountability in transactions involving agents and principals. By providing various types of ratification, Virginia law ensures that principals can either accept the actions of their agents fully or express reservations based on specific conditions or limitations.
