Discuss the meaning of the term liability by ratification.

An act done for another by a person not assuming to act for himself, but for such other person, though without any precedent authority, whatever, becomes the act of the principal, if subsequently ratified by him. In that case the principal is bound by the act, whether it be to his detriment or advantage, and whether it be founded on a tort or a contract to the same extent as by, and with all the consequences which follow from the same act done by his previous authority.