Explain Under What Circumstances the Third Party Can Be Sued

question 77

Essay

Explain under what circumstances the third party can be sued by the principal in the event of default.

---

Definitions:

Implied Ratification

The act of accepting and endorsing previous actions or decisions unofficially or through indirect conduct, even without formal approval.

Age of Majority

The legally defined age at which an individual is considered an adult and responsible for their actions.

Voidable

A legal term for a transaction or agreement that is valid and enforceable on the surface but may be declared void by one or more of the parties involved.

Emancipation

The process by which a minor is legally freed from control by their parents or guardians and the parents are freed from any and all responsibility toward the child.