Financial Accounting Standards Board and Ratification: Difference between pages
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'' | 1. ''International law''. | ||
Approval of an international treaty by the relevant head of state, or the head of state and the legislature, when necessary to bring the treaty into force. | |||
Most international treaties state expressly whether or not ratification is required, to make them effective. | |||
2. ''Contract law - agency.'' | |||
Confirmation or adoption of an act, where necessary for it to have legal effect. | |||
== | For example, if an agent - without authority - forms a contract with a third party, the principal can ratify and adopt the contract, making it fully effective and enforceable. | ||
*[ | |||
3. ''Company law - sanctioning minor irregularities.'' | |||
In the case of minor irregularities in running a company, a general meeting can pass a resolution to sanction the irregularity. | |||
Major irregularities cannot be sanctioned in this way, for example ''ultra vires'' acts, or a fraud on the minority. | |||
''Source: Oxford Dictionary of Law, 8th Edition'' | |||
==See also== | |||
*[[Agent]] | |||
*[[Company law]] | |||
*[[Comprehensive and Progressive Agreement for Trans-Pacific Partnership]] | |||
*[[Contract]] | |||
*[[Fraud on the minority]] | |||
*[[Free trade agreement]] | |||
*[[General meeting]] | |||
*[[International law]] | |||
*[[International trade]] | |||
*[[Law]] | |||
*[[Legislature]] | |||
*[[Resolution]] | |||
*[[Sanction]] | |||
* [[Treaty]] | |||
*[[Ultra vires]] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category: | [[Category:Corporate_finance]] | ||
[[Category:Manage_risks]] | |||
Latest revision as of 13:32, 18 July 2022
1. International law.
Approval of an international treaty by the relevant head of state, or the head of state and the legislature, when necessary to bring the treaty into force.
Most international treaties state expressly whether or not ratification is required, to make them effective.
2. Contract law - agency.
Confirmation or adoption of an act, where necessary for it to have legal effect.
For example, if an agent - without authority - forms a contract with a third party, the principal can ratify and adopt the contract, making it fully effective and enforceable.
3. Company law - sanctioning minor irregularities.
In the case of minor irregularities in running a company, a general meeting can pass a resolution to sanction the irregularity.
Major irregularities cannot be sanctioned in this way, for example ultra vires acts, or a fraud on the minority.
Source: Oxford Dictionary of Law, 8th Edition
