What is agency by ratification?
Understand the Problem
The question is asking for an explanation of the legal concept of agency by ratification, which involves the formal approval or confirmation of a previously unauthorized act made by an agent on behalf of a principal.
Answer
Granting retroactive authority to someone who acted without prior authorization.
The final answer is granting retroactive authority to someone who acted without prior authorization.
Answer for screen readers
The final answer is granting retroactive authority to someone who acted without prior authorization.
More Information
Agency by ratification occurs when a principal approves and adopts the actions of an agent who acted without prior authority. This approval can be given after the actions have already taken place.
Tips
A common mistake is to think that prior authorization is required, but ratification deals specifically with post-authorization.
Sources
- What Does Agency By Ratification Mean? - Insuranceopedia - insuranceopedia.com
- What is agency by ratification? - Universal CPA Review - universalcpareview.com
- Agency by Ratification | The Data Advocate - thedataadvocate.com
