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.
Virgin Islands Ratification by Principal of Agent's Execution of Contract
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FAQ
Under Article V of the Constitution, there are two ways to propose and ratify amendments to the Constitution. To propose amendments, two-thirds of both houses of Congress can vote to propose an amendment, or two-thirds of the state legislatures can ask Congress to call a national convention to propose amendments.
The President may form and negotiate, but the treaty must be advised and consented to by a two-thirds vote in the Senate. Only after the Senate approves the treaty can the President ratify it. Once it is ratified, it becomes binding on all the states under the Supremacy Clause.
Essentials of a valid ratificationFor the act to be ratified, it is necessary that the same has been done on behalf of the Principal. If an agent acts for another or for himself, this cannot be ratified by the Principal. The principal must have been in existence at the time of contract.
A principal can only ratify acts, which the agent purported to do on his behalf. This rule follows that if the agent purports to act on his own behalf the principal cannot ratify. 3. The person ratifying must have contractual capacity.
The requisites of valid ratification are as follows: 1. The Principal should be in Existence. The agent must expressly contract an agent for a principal who is in existence and competent to contract. No body as an agent can bind by contract a principal who does not exist at the date of the contract.
Conditions for Ratification The three main pre-conditions are: The agent must purport to act on behalf of the principal; The principal must be in existence at the time of the contract; and. The principal must have capacity to enter into the contract.
The generally accepted rule is that undisclosed principals cannot ratify unauthorized contracts which their agents have made on their behalf. Although this rule has been accepted for almost one hundred years, the adequacy of the reasons advanced to justify it have been rarely examined.
Common law doctrine on undisclosed principals confers rights and imposes liabilities on the undisclosed principal, notwithstanding that he is not made a party to the relevant contract. This doctrine is an exception to the general rule that only a party to a contract may sue and be sued thereon.
The doctrine of ratification is concerned with acts performed without authority by an agent in the name of a principal. In short, ratification occurs whenever the ratifying party clearly manifests that he has adopted the unauthorized transaction effected by his agent purportedly on his behalf.
A person can ratify only that which is purported to have been done for him and cannot ratify that which is purported to have been done for somebody else. Act done by a person on his own account cannot be ratified. Only when an act is done on behalf of the ratifier, such act can be ratified.
