In legal and political terminology, the act of formally approving or confirming a decision, law, treaty, or agreement is known by which term?

Introduction / Context:
This question examines basic legal vocabulary often used in constitutional law, international relations, and contract law. Different terms describe how disputes are resolved and how decisions are approved. Here the focus is specifically on the formal approval of a decision, law, treaty, or agreement by a competent authority. Knowing the correct terminology is important for understanding legal procedures and exam questions in polity and law awareness.

Given Data / Assumptions:

• The phrase of interest is act of formally approving or confirming a decision, law, treaty, or agreement.
• The options list common legal process terms such as arbitration, ratification, mediation, litigation, and conciliation.
• We assume standard textbook definitions from basic law and polity.

Concept / Approach:
Ratification refers to the formal approval or confirmation of an act, decision, or agreement by an authority that has the power to give it legal force. Examples include a legislature ratifying an international treaty or a board ratifying a contract. Arbitration, mediation, conciliation, and litigation are processes for resolving disputes, not for formal approval of an already taken decision. Therefore, the correct term for formal approval is ratification.

Step-by-Step Solution:
Step 1: Focus on the key idea in the question, which is formal approval or confirmation. Step 2: Recall that ratification is used when a competent authority confirms or validates a decision or agreement, making it legally binding. Step 3: Examine arbitration and understand that it refers to a neutral third party making a binding decision in a dispute, which is different from formal approval. Step 4: Consider mediation, litigation, and conciliation, all of which centre on resolving disputes rather than approving existing decisions. Step 5: Conclude that ratification is the only option that correctly matches the definition provided in the question.

Verification / Alternative check:
To verify, consult a basic law or political science textbook. You will find that treaties often require ratification by the legislature of a country before they come into force. Contracts entered into by agents may need ratification by the principal. In constitutional amendments, ratification by states may be required. In each case, ratification is the act of formal approval, not dispute resolution. This confirms that ratification is the correct term.

Why Other Options Are Wrong:

• Arbitration: A dispute resolution process where an arbitrator hears both sides and makes a binding decision. It does not describe formal approval of a law or treaty.
• Mediation: A voluntary process where a mediator helps parties reach a mutually acceptable solution. It is about negotiation, not validation of decisions.
• Litigation: The process of taking disputes to court and following formal judicial procedures, not merely approving a decision.
• Conciliation: Similar to mediation, where a conciliator assists parties in reaching a settlement, again focused on resolving disputes.

Common Pitfalls:
A frequent mistake is to confuse arbitration with any formal legal process and assume it covers approval as well. Another pitfall is to think that any legal sounding term, such as litigation, might fit. Remember that arbitration, mediation, conciliation, and litigation all relate to how disagreements are settled, whereas ratification is about giving formal approval to decisions or agreements already made.

Final Answer:
The act of formally approving or confirming a decision, law, treaty, or agreement is called ratification, so the correct option is Ratification.