BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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void a contract
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search a minor student
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go along with the terms of a contract that could have been voided
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sue one of the parties to a contract
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Detailed explanation-1: -Ratification can happen in a number of situations, but its legality is determined by the circumstances and facts around the event or action being taken. Ratification of a contract is required when a contract can legally be voided, but the parties involved decide to execute the contract instead.
Detailed explanation-2: -Section 196 in The Indian Contract Act, 1872. 196. Right of person as to acts done for him without his authority. Effect of ratification.-Where acts are done by one person on behalf of another, but without his knowledge or authority, he may elect to ratify or to disown such acts.
Detailed explanation-3: -Ratification of a Voidable Contract Ratification is the procedure to correct a voidable contract and requires all parties to the contract to negotiate new terms that eliminate the issue that made it voidable.
Detailed explanation-4: -The doctrine of ratification is concerned with acts performed without authority by an agent in the name of a principal. In short, ratification occurs whenever the ratifying party clearly manifests that he has adopted the unauthorized transaction effected by his agent purportedly on his behalf.
Detailed explanation-5: -A contract is an agreement enforceable by law. A void agreement is one which cannot be enforced by law . Sometimes an agreement which is enforceable by law, i.e., a contract, can become void. Void agreements are different from voidable contracts, which are contracts that may be nullified.