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.
Maricopa Arizona Ratification by Principal of Agent's Execution of Contract
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FAQ
A principal owes certain contractual duties to his/her agent. A principal's primary duties to his/her agent include: To compensate the agent as agreed; and. To indemnify and protect the agent against claims, liabilities, and expenses incurred in the agent correctly discharging the duties assigned by the principal.
Generally, a principal owes the following duties to the agent: Duty to Compensate, Duty to Reimburse, and. Duty to Indemnify the Agent.
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.
The act by a principal, after the agent has acted, confirming that what the agent may have done without authority, is binding on the principal.
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.
Fffd Agency by Ratification: A confirmation by the principal of an act or contract performed or entered into on his or her behalf by another, who assumed, without authority, to act as his or her agent.
A principal can only ratify a contract if: -he does so within a reasonable time, -the principal had the capacity to create the contract at the time the agent entered into it and at the time of ratification and, -the agent identified the principal at the time of entering the contract.
The generally accepted rule is that undisclosed principals do not have the power to ratify unauthorized contracts which their agents make on their behalf.
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.
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.
