Page:United States Statutes at Large Volume 76A.djvu/285

–189– -189§ 2695. Consideration unnecessary A consideration is not necessary to make an authority, whether precedent or subsequent, binding upon the principal. § 2696. Oral or written authorizations An oral authorization is sufficient for any purpose, except that an authority to enter into a contract required by law to be in writing may be given only by an instrument in writing. § 2697. Ratification of part of transaction Ratification of part of an indivisible transaction is a ratification of the whole. § 2698. Ratification of agent's act A ratification may be made only in the manner that would have been necessary to confer an original authority for the act ratified, or where an oral authorization would suffice, by accepting or retaining the benefit of the act with notice thereof. § 2699. When ratification void A ratification is not valid unless, at the time of ratifying the act done, the principal has power to confer authority for such an act. § 2700. Third persons; effect of ratification An unauthorized act may not be made valid, retroactively, to the prejudice of third persons, without their consent. § 2701. Rescission of ratification A ratification may be rescinded only if made without such consent as is required in a contract, or with an imperfect knowledge of the material facts of the transaction ratified. § 2702. Measure of agent's authority An agent has such authority as the principal, actually or ostensibly, confers upon him. § 2703. Actual authority defined Actual authorityis such as a principal intentionally confers upon the agent, or intentionally, or by want of ordinary care, allows the agent to believe himself to possess. §2704. Ostensible authority defined Ostensible authority is such as a principal, intentionally or by want of ordinary care, causes or allows a third person to believe the agent to possess. § 2705. Agent's authority as to persons having notice of restrictions An agent has actually such authority as is defined by this chapter and chapter 77 of this title, unless specially deprived thereof by his principal, and has even then such authority ostensibly, except as to persons who have actual or constructive notice of the restriction upon his authority. § 2706. Necessary authority An agent may: (i) do everything necessary or proper and usual, in the ordinary course of business, for effecting the purpose of his agency; and (2) make a representation respecting any matter of fact, not including the terms of his authority, but upon which his right to use his authority depends, and the truth of which cannot be determined by the use of reasonable diligence on the part of the person to whom the representation is made.

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