Whats the difference between ratification of a contract and contingency removals?
Basically the same as night and day. A ratified contract represents a completed agreement, in its totality, and any contingencies. A contingency is part of that completed agreement and the contingency is the big IF. In essence, we’ve agreed that this transaction will happen IF this is done or IF that is done. IF not, the party enjoying the power of the contingency can terminate the contract if his or her IF isn’t met. The contract may well be ratified when all parties have initialed all aspects of the contract, but until the contingencies have been removed, the contract is not enforceable.
