Fred in his capacity as an agent for Maree, is authorised to purchase some beds for her furniture stores at a limit of $400 each. Fred could not purchase the beds at this price so he purchased in his...

Answer:
In the instant case in order to determine the liability to pay it is important to decide whether the ratification of the contract, entered by the agent, is a valid ratification or not?
Essentials for ratification
A principal can only ratify those acts of an agent which have been done by the agent while acting in the capacity of an agent of the principle and is for the benefit of the principal. However, the acts done in individual capacity cannot be ratified.
High Reliance is placed on the case of Keighley Maxsted v....