Business
Business, 14.11.2019 22:31, matthewquattlebum

Drag and drop the appropriate words to complete requirements for ratification. i. occurs when principal affirms or accepts responsibility for, an agent's unauthorized act -principal then bound to agent's act and it is treated as if it was authorized from the outset (express or implied)ii. requirements1. agent must have acted on behalf of an identified principal who subsequently ratifies the action2. principle must know all material facts of transaction. if principal ratifies without knowing all facts, they can rescind the contract3. principal must affirm agent's act in it entirety4. principal must have legal capacity to authorize transaction at time agent engages and principal ratifies. third party must also have legal capacity5. principal's affirmation must occur before third party withdraws from transaction6. principal must observe same formalities when ratifying act as would have been required to authorize it initially

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Drag and drop the appropriate words to complete requirements for ratification. i. occurs when princi...

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