Ratification

Question 1

The recipt and instillation of office equiptment suject to a finance agreeement and payment of numerous installments over a 7 month period pursuant to the finance agreement amounted to ____ of the underlying contract

Answer 1

ratification

Question 2

A principal may ratify the conduct of an agent who

Answer 2

acted without authority

Question 3

A principal may ratify unless doing so would be

Answer 3

unfair to the 3rd party as a consequence of changed circumstances

Question 4

Ratification, like actual authority, may be express or implied, as long as there is an

Answer 4

“affermance” of the contract by the principal

Question 5

The most common basis of implied ratification exists when a principal has

Answer 5

knowledge of a transaction, accepts its benefits, and fails to repudiate it

Question 6

A principals ratification must be ____ to be vailid

Answer 6

complete

he cannot ratify part of a contact or transaction

Question 7

once a principal manifests affirmance,

Answer 7

the contract is ratified

Question 8

principals communication of affirmance

Answer 8

it is not necessary that the principal communicate the affermance to the agent, the 3rd party, or any other person

Question 9

If a principal ratifies a contract, the effect is to validate the contract from the

Answer 9

moment of its original formation. It is as if the raatification travels back in time to create the agents authority

Question 10

Ratification

If A assumes to act for B without predecent authority, and B subsequently affirms A’s Act, it is

Answer 10

ratification which relates back and supplies original authority for the act. B is bound to the same extent as if previous authority had been granted to A.

Question 11

Ratification is the

Answer 11

affirmance by a person of a prior act which did not bind him but which was done or professedly done on his account, whereby the act, as to some or all persons, is given effect if originally authorized by him.

Question 12

Affimance is a

Answer 12

manifestation of an election by the one on whose account an unauthorized act has been performed to treat the act as authorized, or conduct by, hum justifiable only if there is such an election

Question 13

consideration and ratification

Answer 13

consideration is not required to validate a ratification

Question 14

ratification and unjust enrichment or estoppel

Answer 14

ratification may operate in the absense of unjust enrichment or estoppel

Question 15

Ratification principal cant ratify if changed circumstances would be

Answer 15

unfair to the other party

Question 16

4 points on ratification

Answer 16

1. travels back in time to give authorization
2. can be express or implied
3. has some limits
4. is all or nothing