Quasi contracts, Business Law Video Lecture | Business Law - B Com

Ans. A quasi contract, also known as an implied-in-law contract, is a legal concept in business law where a court imposes certain obligations on parties even if there is no formal agreement between them. It is a remedy used to prevent unjust enrichment or unfairness when one party benefits at the expense of another without a valid contract. Quasi contracts are based on the principle of equity and aim to ensure fairness and prevent unjust enrichment.

Ans. A quasi contract differs from an actual contract in that it is not formed through mutual consent or agreement between the parties involved. While an actual contract is created through offer, acceptance, and consideration, a quasi contract is imposed by a court to prevent unjust enrichment. In a quasi contract, the court creates an obligation to avoid unfairness or unjust enrichment, even if there was no intention or agreement to form a contract.

Ans. To establish a quasi contract, certain elements must be present. These elements include: 1. Benefit conferred: One party must have conferred a benefit upon the other party. 2. Knowledge of the benefit: The party receiving the benefit must have knowledge of it. 3. Acceptance of the benefit: The party receiving the benefit must accept or retain it. 4. Unjust enrichment: The party receiving the benefit must be unjustly enriched at the expense of the other party. 5. Absence of other legal remedies: There must be no other legal remedy available to address the unjust enrichment. If these elements are met, a court may impose a quasi contract to prevent unjust enrichment.

Ans. No, a quasi contract cannot be enforced if there is a valid contract already in place between the parties. Quasi contracts are only applicable when there is no actual contract covering the specific situation. If there is a valid contract, the terms and obligations specified in that contract will govern the relationship between the parties. A quasi contract is a remedy used when there is no contractual agreement to address unjust enrichment or unfairness.

Ans. In quasi contract cases, the court aims to provide remedies to prevent unjust enrichment or unfairness. The remedies available may include: 1. Restitution: The party unjustly enriched may be required to return the benefit received to the party who conferred it. 2. Damages: If restitution is not possible or sufficient, the court may award damages to the party who conferred the benefit. 3. Quantum meruit: This Latin term means "as much as he deserves." It allows the court to determine a reasonable amount of compensation based on the value of the benefit conferred. 4. Specific performance: In certain cases, the court may order the party receiving the benefit to perform specific actions to rectify the unjust enrichment. The specific remedy granted will depend on the circumstances of the case and the principles of equity applied by the court.