Asked by
Caprice Diggs
on Nov 10, 2024
Verified
Which of the following is correct with respect to the ratification of an agent's contracts?
A) A principal can ratify a contract where the agent has gone beyond both his actual and apparent authority.
B) A principal can only ratify an agreement entered into by an agent if his name has not been used.
C) When a contract entered into by an agent is ratified by a principal, it commences at the time the principal ratifies the contract.
D) The agent can set a time limit within which the ratification must take place.
E) A contract can only be ratified if the principal was not able to enter into the contract himself at the time of ratification.
Ratify
To officially approve or confirm, often used in the context of validating agreements or contracts.
Actual Authority
The power that an agent or representative has been formally given by a principal to conduct specific acts.
Apparent Authority
Apparent Authority deals with the perception by a third party that an agent has the power and authority to act on behalf of the principal, even if such authority hasn't been explicitly granted.
- Understand the process and requirements for ratification of an agent's contracts.
Verified Answer
MB
Learning Objectives
- Understand the process and requirements for ratification of an agent's contracts.