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.
West Virginia Ratification by Principal of Agent's Execution of Contract refers to the legal process by which a principal confirms and accepts the actions of their agent in executing a contract on their behalf. In this context, the term "principal" refers to an individual or entity who authorizes another person, known as an "agent," to act on their behalf. When an agent enters into a contract on behalf of a principal, it is essential for the principal to review and validate the agent's actions. Ratification serves as a formal acknowledgment and acceptance of the agent's authority to act on behalf of the principal, giving legal effect to the contract. This process helps to safeguard the interests of both the principal and the counterparty to the contract. In West Virginia, 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 approves the actions of the agent. It can be done through oral or written communication, wherein the principal explicitly states their intention to ratify the contract. The express ratification can be made at any time after the contract has been executed by the agent, but before the counterparty withdraws from the contract. 2. Implied Ratification: In some cases, a principal's actions or conduct may imply their acceptance and confirmation of the agent's actions. Implied ratification occurs when the principal, through their behavior or acceptance of benefits derived from the contract, demonstrates the intent to be bound by the terms of the contract. This can include situations where the principal accepts and retains the benefits of the contract, even if they did not explicitly state their approval. Other relevant keywords related to West Virginia Ratification by Principal of Agent's Execution of Contract may include: — AgenauthoritIITit— - Principal-agent relationship — Contractual obligation— - Validity of the contract — Legal validatio— - Principal's approval — Ratification proces— - Express consent — Implied acceptanc— - Agent's fiduciary duty. It is important to consult legal professionals or refer to West Virginia state statutes for specific guidance and requirements regarding Ratification by Principal of Agent's Execution of Contract in the state.
