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.

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.

Investment dictionary. . 2012.

Look at other dictionaries:

  • quasi contract — see contract Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. quasi contract n …   Law dictionary

  • quasi-contract — like contract. A very contentious term at present, it describes cases where parties have an obligation that resembles contract but where there is actually no contract at all. In England it was (and still is) predominantly used for cases involving …   Law dictionary

  • quasi contract — n. Law an obligation, equivalent to a contractual obligation, created by law in the absence of a contract, to prevent unfair gain by one party at the expense of another …   English World dictionary

  • Quasi-contract — A quasi contract, also called an implied in law contract,E. Marshall Wick, Notes for BUS 447, Gallaudet University, found at [http://homepage.gallaudet.edu/Marshall.Wick/bus447/quasi.html Gallaudet University Website] . Accessed June 30, 2008.]… …   Wikipedia

  • quasi contract — Legal fiction invented by common law courts to permit recovery by contractual remedy in cases where, in fact, there is no contract, but where circumstances are such that justice warrants a recovery as though there had been a promise. It is not… …   Black's law dictionary

  • quasi contract — /kwazi ˈkɒntrækt/ (say kwahzee kontrakt) noun an obligation imposed by a court without the mutual assent of the parties, as if a retrospective contract, in order to prevent an injustice. Also, quasi contract …   Australian English dictionary

  • quasi-contract — quaˈsi contract noun (law) A concept which allows a plaintiff to recover money from a defendant if non payment would confer an unjust benefit on the latter • • • Main Entry: ↑quasi …   Useful english dictionary

  • quasi contract — noun a contract created by law for reasons of justice without any expression of assent • Hypernyms: ↑contract …   Useful english dictionary

  • quasi contract — Law. an obligation imposed by law in the absence of a contract to prevent unjust enrichment. [1720 30] * * * …   Universalium

  • quasi-contract — noun An obligation created by the law in the absence of an agreement or contract; not based upon the intentions or expressions of the parties …   Wiktionary

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