______ occurs when a principal voluntarily decides to honor an agreement,which otherwise would not be binding due to an agent's lack of authority.

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Ratification occurs when a principal voluntarily decides to honor an agreement, which otherwise would not be binding due to an agent's lack of authority. When an agent enters into a contract without proper authority, although the agent does not have the power to bind the principal, the contract may become binding if ratified.

______ Occurs When a Principal Voluntarily Decides to Honor an Agreement,which