What is Quasi Contract? | Quasi Contract Meaning | Quasi Contract with Example | Indian Contract Act

🔴 What Is a Quasi Contract? Quasi contract is another name for a contract implied in law, which acts as a remedy for a dispute between two parties that don't have a contract. A quasi contract is a legal obligation—not a traditional contract—which is decided by a judge for one party to compensate the other. Thus, a quasi contract is a retroactive judgment to correct a circumstance in which one party acquires something at the expense of the other. These arrangements may be imposed when goods or services are accepted by a party even though they might not have been requested. The acceptance then creates an expectation of payment for the providing party. 🔴 Purpose Quasi contracts outline the obligation of one party to a second when the first receives a benefit or property from the second. A person might knowingly or unknowingly give something of value to another without an agreement being made. It is assumed that a reasonable person would pay for it, give it back, or otherwise compensate the giver upon receiving the item or service. Quasi contracts are awarded as a remedy to a giver to keep them from being taken advantage of and keep others from being unjustly enriched. 🔴 Legality Because the agreement is constructed in a court of law, it is legally enforceable, so neither party has to agree to it. The purpose of the quasi contract is to render a fair outcome in a situation where one party has an advantage over another. The defendant—the party who acquired the property—must pay restitution to the plaintiff—the wronged party—to cover the value of the item. 🔴 Requirements 🗣️ Certain aspects must be in place for a judge to issue a quasi contract: 🗣️ One party, the plaintiff, must have experienced a loss as a result of a transfer. 🗣️ The defendant must have or acknowledged receipt of and retained the item of value, but made no effort or offer to pay for it. 🗣️ The plaintiff must then demonstrate through burden of proof why the defendant receive an unjust enrichment. 🗣️ The item or service cannot have been given as a gift. 🗣️ The defendant must have been given a choice to accept or deny the benefit. ======================================== 🔴 This video might be useful for students preparing for - 🗣️ 11th Commerce #11thcommerce 🗣️ 12th commerce boards #12thcommerce 🗣️ CSEET(CS FOUNDATION ICSI) #cseet 🗣️ CA Foundation #cafoundation 🗣️ UGC NET COMMERCE #ugcnetcommerce 🗣️ LLB #llb 🗣️ UGC NET LAW #ugcnetlaw ======================================== 🔴 In this video - #padhakulog Teacher's Name - CS Payal Popli Topic - Meaning of Quasi Contract =============================================== 🫵🏻 Connect with us- 🗣️Instagram- https://instagram.com/padhaku_log?igs... 🗣️Facebook-   / padhaku-log-101091301476679   🗣️Watsapp-9630227777 🗣️Telegram-9630227777 =============================================== ❤️About us: Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all.