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Ratification

Ratification

Definition

An affirmation of a prior contract or act that did not bind a person until the person showed intent to accept the benefits and obligations of the contract or act. In the negotiable-instruments context, ratification occurs when a party, with full knowledge of a forgery or alteration, accepts the benefits of or actively assents to the wrongful activity. In the agency context, ratification occurs if the principal manifests assent to be bound by the actions of someone who acted or purported to act on the principal's behalf as an agent.

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