Business, Legal & Accounting Glossary
v. to confirm and adopt the act of another even though it was not approved beforehand.
Example: An employee for Holsinger’s Hardware orders carpentry equipment from Phillips Screws and Nails although the employee was not authorized to buy anything. The president of Holsinger’s ratifies the deal when Phillips delivers the order. A person under the legal age who makes a contract may ratify the contract when he/she reaches majority (usually 18) or may refuse to honor it without obligation.
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This glossary post was last updated: 30th April, 2020 | 0 Views.