With reference to the law of agency: Highlight five conditions which must be fulfilled for a principal to effectively ratify the acts of an agent
Conditions which must be fulfilled for a principal to effectively ratify the acts of an agent
- The agent must have purported to act for a principal
- The principal must have had capacity to enter into the transactions when the agent did as well as when he ratified it.
- 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 ratify the transactions within a reasonable time.
- The transactions entered into by the agent must be capable of ratification i.e. it must not have been illegal or void.
- The principal must ratify the contract in its entirely
- The principal must have been aware of the material facts affecting the transactions.