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.
Illinois Ratification by Principal of Agent's Execution of Contract
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FAQ
To ratify, the principal may tell the parties concerned or by his conduct manifest that he is willing to accept the results as though the act were authorized. Or by his silence he may find under certain circumstances that he has ratified. Note that ratification does not require the usual consideration of contract law.
As per S. 196 of Indian Contract Act, 1872, A person can elect to ratify or disown the act of another, when such other person performs any act on behalf of him without his authority, knowledge or consent. For Example A sells good of B on credit to C without any authority.
For ratification to be valid, the agent must have acted on behalf of an principal, that principal must know all of the material , must the agent's act in its entirety, and must have the legal to ratify the transaction both at the time the agent engages in the act and at the time the principal ratifies it.
The generally accepted rule is that undisclosed principals cannot ratify contracts that their agents have entered into on their behalf.
When an agent acts on behalf of the principal without his authority or knowledge, according to Section 196 of the Indian Contract Act, the principal has the right either to disown the act or to ratify the same.
A principal may ratify an agent's act even if the original agency did not extend to such a commitment to the third party.
The generally accepted rule is that undisclosed principals cannot ratify un- authorized 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.
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.
Agency by RatificationA principal may subsequently ratify an act done by a person who acted on his behalf without his permission or knowledge. If the act is ratified, a relationship of the agency will come into existence and it will be as if he had previously authorized the person to act his agent.
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.
