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
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US-01439BG
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How to fill out Ratification By Principal Of Agent's Execution Of Contract?
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FAQ
The generally accepted rule is that undisclosed principals cannot ratify contracts that their agents have entered into on their behalf.
West Virginia requires you to sign your POA and get it notarized (certified by a notary public).
In the context of contract law, a person ratifies a contract when they accept the benefit, thereby rendering the contract legally enforceable. This can include signing a formal contract, but conduct may also ratify a contract.
Even if the agent has no authority, the principal may, after the fact, ratify the contract made by the agent.
For ratification to be valid the Principal must be named or identifiable from the outset, and the agent must have purported to act as an agent. An undisclosed principal cannot ratify unauthorised act by an agent.
Ratification. consists of a unilateral expression by the principal of assent to be bound by a prior. unauthorized act of the agent; if effective, the principal is bound as if the agent had. acted with actual authority to bind the principal at the time of the agent=s action.
By ratifying the action, the person signing becomes legally bound as though they had been the one to authorize the action in the first place. Ratifying a legal contract is retroactively enforced, binding the person who ratified it to the original contract date, not just the date it was ratified.
The effect of ratification is that it renders the ratifier (i.e., the principal) bound to the contract, as if, he had expressly authorized the person to transact the business on his behalf. An agency by ratification is also known as ex post facto agency, i.e., agency arising after the event.
Ratify means to approve or enact a legally binding act that would not otherwise be binding in the absence of such approval. In the constitutional context, nations may ratify an amendment to an existing or adoption of a new constitution.
Two Modes of RatificationMode 1: Constitutional Ratification Process (Article V) The traditional constitutional amendment process is described in Article V of the Constitution.Mode 2: Three-State Strategy.Time Limits.Rescission.
