Describe three conditions mecessary for a valid ratification in the law of agency
Conditions necessary for valid ratification in the law of agency
- The agent must have purported to act for the principal.
- The agent must have had a competent principal i.e. there was a natural or justice person who could have become the principal.
- The principal must have had capacity to enter into the transaction when the agent did as well as when he ratified it.
- The transaction entered into by the agent must be capable of ratification i.e. it must not be illegal or void.
- The principal must ratify the transaction within a reasonable time.
- The principal must have been aware of the material facts affecting the transaction.
- The principal must ratify the contract in its entirety.