Business terms and jargon explained. Your business dictionary

What is Ratification

Permission given after the fact, e.g. where a contractís terms or conditions are changed and it is as if that was agreed in the first place, or an agent acts in an unauthorised manner and the principle gives him the authority after the fact. In law, once there has been ratification the contract changes are now binding.

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Term created / updated 2005-12-14 17:05:47

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