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.
Delaware Ratification by Principal of Agent's Execution of Contract is a legal concept that pertains to the validation and acceptance of a contract by a principal after it has been executed by their agent. In this process, the principal acknowledges and confirms the actions taken by their agent or representative on their behalf, effectively making the contract binding. Keywords: Delaware, Ratification, Principal, Agent, Execution of Contract There are two significant types of Delaware Ratification by Principal of Agent's Execution of Contract: 1. Express Ratification: In this type, the principal explicitly confirms and approves the actions performed by their agent in executing the contract. Express ratification can be either oral or written, but it must be clearly communicated to all parties involved. This type of ratification ensures that the principal is fully aware of the details and terms of the contract and is willing to be bound by it. 2. Implied Ratification: Unlike express ratification, implied ratification is inferred through the principal's behavior or conduct. It occurs when the principal, with knowledge of the agent's actions, accepts or adopts the benefits of the contract. Implied ratification can be demonstrated through various actions, such as accepting payments or other provisions outlined in the contract, without explicitly expressing consent. Delaware Ratification by Principal of Agent's Execution of Contract serves as a safeguard to ensure that contracts entered into on behalf of a principal by their agent are valid and legally binding. It ensures that the principal cannot later dispute the contract's validity based on the actions of their agent. It is important to note that ratification must occur within a reasonable time frame after the agent's execution of the contract. If a principal delays ratification excessively or explicitly objects to the agent's actions, ratification may no longer be possible. In conclusion, Delaware Ratification by Principal of Agent's Execution of Contract refers to the acceptance and confirmation of a contract by a principal after it has been executed by their agent. Express and implied ratification are the two primary types, with the former involving explicit consent and the latter inferred through the principal's behavior. Ratification ensures that the principal cannot disown the contract's terms and validates the actions of the agent on their behalf.
