Definition of 'Quasi Contract'A legal agreement created by the courts between two parties who did not have a previous obligation to each other. A normal contract requires two parties to consent to mutually agreeable terms. Under a quasi contract, neither party is originally intended to create an agreement. Instead, an arrangement is imposed by a judge to rectify an occurrence of unjust enrichment. | | Investopedia explains 'Quasi Contract'When one party knowingly receives something for nothing, the courts may impose a quasi contract. For example, if UPS delivers a new television to Zoe that she did not order and she keeps the television and does not attempt to return it to the company that mistakenly shipped it to her, a judge could impose a quasi-contract to force her to pay for the television. Zoe did not intend to purchase the TV, and the TV company did not intend to sell her a TV, but since she chose to benefit from the TV at the company's expense, the court requires her to reimburse the TV company to make the situation fair. |
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What does Quasi Mean?
Source: http://answers.ask.com/Reference/Dictionaries/what_does... The word quasi means almost, sort of, near, not exact, or imperfect. It is when something is close to the original, or has traits of the original, but is not 100% perfect in comparison. A few examples are knock off purses and counterfeit money. For m More » What is a quasi contract?
Source: http://www.ehow.com/facts_5139973_quasi-contract.html?r... A quasi-contract contract exists when one party has conferred a benefit on another; the party who conferred had reasonable expectation of getting paid; the party did not act as a volunteer in conferring the benefit; and the party receiving ... More » What does quasi contract mean?
Source: http://www.audioenglish.net/dictionary/quasi_contract.h... 1. a contract created by law for reasons of justice without any...