An agent without any prior authority negotiates a reduced-price deal on behalf of the property owner. The owner, after learning the full details, decides to accept the deal. What legal concept allows the owner to validate the agent's unauthorized act?
Correct Answer
B) Ratification
Ratification is correct because the principal approved and accepted an act the agent performed without prior authority, thereby validating it after the fact.
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A seller and broker both agree that the listing relationship is not working and together sign a release cancelling the listing agreement. What type of termination is this?
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