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Contract
A legally binding agreement between two or more parties that outlines obligations and rights.
Principal
In a legal context, the principal is the party who grants authority to an agent to act on their behalf in legal or financial matters.
Apparent Authority
A situation where someone appears to have the power to act on behalf of another (such as an employer), even if they do not have actual authority.
Ratify
To formally approve or confirm an agreement or act, making it officially valid.
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