Consent

Legal Age
The age at which a person can enter into binding contracts or agree to other legal acts without the consent of another adult. In most states, the legal age, also called the age of majority, is 18 years.
Ratification
Ratification refers to the official approval or confirmation by a person or entity of a previous contract or act, which would not be legally binding without such approval. It often occurs in situations where the initial agreement was not properly authorized or where further consent is essential for the agreement's enforceability.

Accounting Terms Lexicon

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