Quasi Contract

Quasi contracts are contracts that are not created by the mutual consent of the parties involved, but rather imposed by the law to prevent unjust enrichment. These contracts are based on the principle of equity, justice, and good conscience. The correct answer to the question is option 'B' - Quasi Contract.

Explanation:

What is a Quasi Contract?
- A quasi contract is a legal concept that is used when there is no formal contract between the parties, but one party has received a benefit or advantage from the other party.
- It is a remedy provided by the law to prevent unjust enrichment, where one party would be unjustly enriched at the expense of the other party.
- Quasi contracts are not actual contracts because they lack the mutual agreement of the parties. However, they are treated as if they were contracts to prevent unfairness.

Principle of Equity, Justice, and Good Conscience:
- Quasi contracts are based on the principle of equity, justice, and good conscience.
- Equity refers to fairness and impartiality in the legal system. It ensures that each party is treated fairly and justly.
- Justice refers to the principle of upholding rights and enforcing the law. It ensures that the parties involved are given their due.
- Good conscience refers to acting in a morally right and ethical manner. It ensures that the parties act in good faith and do not take advantage of others.

Application of Quasi Contracts:
- Quasi contracts are applied in situations where one party has received a benefit from another party, and it would be unjust for them to keep the benefit without compensating the other party.
- For example, if a contractor mistakenly delivers construction materials to the wrong address, and the owner of the property uses the materials to build a structure, the contractor can seek payment for the value of the materials based on the principle of equity, justice, and good conscience.

Conclusion:
- Quasi contracts are based on the principle of equity, justice, and good conscience.
- They are used to prevent unjust enrichment and compensate parties who have provided a benefit to another party.
- Quasi contracts are not actual contracts, but they are treated as such to ensure fairness and prevent unfair advantage.