Agency
In South Carolina, what is 'ratification' in agency law?
AThe principal's approval of the agent's license
BThe principal's subsequent approval of an unauthorized act by the agent, creating retroactive authority✓ Correct
CThe state's approval of an agency relationship
DThe agent's acceptance of a commission
Explanation
Ratification occurs when a principal accepts and approves an unauthorized act performed by an agent (or a person acting as if they were an agent). The principal's ratification creates retroactive authority as if the act had been originally authorized.
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