Selected Cases by Article & Issues
(1) An act by an agent that acts without authority or exceeds its authority may be ratified by the principal. On ratification the act produces the same effects as if it had initially been carried out with authority.
(2) The third party may by notice to the principal specify a reasonable period of time for ratification. If the principal does not ratify within that period of time it can no longer do so.
(3) If, at the time of the agent"s act, the third party neither knew nor ought to have have known of the lack of authority, it may, at any time before ratification, by notice to the principal indicate its refusal to become bound by a ratification.
|1||Ratification of false agent’s acts by principal|
|1.1||No requirements as to form|
|1.1.1||Ratification by principal´s conduct|
|2||Time of ratification|
|2.1||Third party´s right to set reasonable period of time for ratification|
|4||Revocation of ratification|
|5||Revocation excluded by third party|