VI. Legal basis:
Paragraph 1 of Article 48 of People's Republic of China (PRC) Contract Law: A contract concluded in the name of the principal after the actor has no power of agency, exceeds the power of agency or the power of agency is terminated, without ratification by the principal, it will not be effective for the principal, and the actor shall bear the responsibility.
Paragraph 2: The counterpart may urge the principal to ratify it within one month. If the client fails to make an indication, it shall be deemed as refusal.
Approved. Before the contract is ratified, the bona fide counterpart has the right to cancel the contract. Revocation shall be made by notice.
Article 49 of People's Republic of China (PRC) Contract Law: If the actor has no agency right, exceeds the agency right or concludes a contract in the name of the principal after the agency right is terminated, and the counterpart has reason to believe that the actor has agency right, the agency act is valid.
Article 89 of the Guarantee Law of People's Republic of China (PRC): The parties may agree that one party shall pay a deposit to the other party as a guarantee for the creditor's rights. After the debtor performs the debt, the deposit shall be used as the price or recovered. If the party paying the deposit fails to perform the agreed debt, it has no right to demand the return of the deposit; If the party receiving the deposit fails to perform the agreed debt, it shall return the deposit twice.
Article 9 1 of the Guarantee Law of People's Republic of China (PRC): The amount of the deposit shall be agreed by the parties, but it shall not exceed 20% of the amount of the subject matter of the main contract.
Paragraph 2 of Article 1 14 of People's Republic of China (PRC) Contract Law: If the agreed liquidated damages are lower than the losses caused, the parties may request the people's court or arbitration institution to increase them; If the agreed liquidated damages are excessively higher than the losses caused, the parties may request the people's court or arbitration institution to reduce them appropriately.