SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

What is the concept of 'ratification' in agency law as it applies to auctioneering?

A rating system for auction quality When the principal (seller) approves the agent's (auctioneer's) unauthorized act after the fact, making it retroactively binding The process of renewing an auctioneer's license A method of calling bids

Correct Answer:

When the principal (seller) approves the agent's (auctioneer's) unauthorized act after the fact, making it retroactively binding

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