A principal is contractually bound to a third party if the agent acts without any authority but the principal ratifies the contract.

Name: A principal is contractually bound to a third party if the agent acts without any authority but the principal ratifies the contract.
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If the agent acts without any authority, the principal is not initially bound to the third party. However, if the principal later ratifies the contract, they become bound to the third party.

A Principal Is Contractually Bound to a Third Party If