Ratification by a corporation of an unauthorized act or contract by its officers relates back to the time of the act or contract ratified and is equivalent to original authority. The theory of corporate ratification is

predicated upon the right of a corporation to contract, and any ratification or adoption is equivalent to a grant of prior authority. Ratification “cleanses the contract from all its defects from the moment it was constituted. Thus,

even in the face of an express by-law requirement of prior approval, the law on corporations is not to be held too rigid and inflexible as to fail to recognize equitable considerations.