1.Which of the following is true of the requirements for ratification to be effe

Question

1.Which of the following is true of the requirements for ratification to be effective?

A.The principal can accept certain parts of the agents act and reject others.

B. An individual must avoid misrepresenting himself or herself as an agent for another party.

C. The principal must have complete knowledge of all material facts regarding the contract.

D. The principal can avoid ratifying the unauthorized act.

2. If a principal is partially disclosed:

A. the third party would not know that an agent is acting on behalf of the principal. B. only the agent would be liable in accordance with the contract. C. the third party would be aware of the principal

Explanation / Answer

The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party.[1] Succinctly, it may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under his or her control and on his or her behalf. The agent is, thus, required to negotiate on behalf of the principal or bring him or her and third parties into contractual relationship. This branch of law separates and regulates the relationships between:

In 1986, the European Communities enacted Directive 86/653/EEC on self-employed commercial agents. In the UK, this was implemented into national law in the Commercial Agents Regulations 1993.[2]

In India, section 182 of the Contract Act 1872 defines Agent as

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