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A principal may ratify an act of an agent restrospectively . What does that mean ?
Restrospect means looking back at past event, therefore how can an agency relationship be created by the principal ratifying an act of an agent by mere looking back at past events?
“A principal may ratify an act of an agent restrospectively . What does that mean ?”
It means that, even though an agent has no authority to enter into transactions for the principal, the principal may look at these contracts that the agent has entered into and say to him / herself “Yes, these are not bad contracts … even though Iyamu had no authority to enter into them apparently on my behalf. However, because they look to be good contracts for me, then I shall ratify Iyamu’s authority and actions and accept the contracts as though Iyamu did in fact have authority”
“Restrospect means looking back at past event, therefore how can an agency relationship be created by the principal ratifying an act of an agent by mere looking back at past events?”
Just explained
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