Asked by
Temara Fraser
on Nov 30, 2024
Verified
A principal is contractually bound to a third party if the agent acts without any authority but the principal ratifies the contract.
Ratifies
To officially approve or confirm an action, agreement, or decision, making it valid and legally binding.
Contractually Bound
Contractually Bound indicates that parties have agreed to specific terms and conditions outlined in a contract, obligating them to fulfill their respective parts of the agreement.
- Identify the scenarios where a principal is able to confirm acts by an agent that lacked prior authorization.
- Comprehend the legal liabilities stemming from actions carried out by agents for principals.
Verified Answer
ML
Learning Objectives
- Identify the scenarios where a principal is able to confirm acts by an agent that lacked prior authorization.
- Comprehend the legal liabilities stemming from actions carried out by agents for principals.
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