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Test: Quasi Contracts - B Com MCQ


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10 Questions MCQ Test - Test: Quasi Contracts

Test: Quasi Contracts for B Com 2024 is part of B Com preparation. The Test: Quasi Contracts questions and answers have been prepared according to the B Com exam syllabus.The Test: Quasi Contracts MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Quasi Contracts below.
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Test: Quasi Contracts - Question 1

Which law first recognized the obligation arising out of a quasi-contract?

Detailed Solution for Test: Quasi Contracts - Question 1
The obligation arising out of a quasi-contract was first recognized by the English law. The Indian Contract Act, 1872 also follows the same elements which are followed by the English Contract Act. This means that the concept of quasi-contract was initially established in English law.
Test: Quasi Contracts - Question 2

What is the purpose of a quasi-contract?

Detailed Solution for Test: Quasi Contracts - Question 2
The purpose of a quasi-contract is to maintain justice and fairness between the parties involved. It ensures that one party does not enrich themselves at the expense of the other. The law creates this obligation to ensure equity and prevent unjust enrichment.
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Test: Quasi Contracts - Question 3

What is the liability of the enriched party in a quasi-contract?

Detailed Solution for Test: Quasi Contracts - Question 3
In a quasi-contract, the liability of the enriched party is limited to the value of services rendered or the cost of the goods used or delivered. The concept of a quasi-contract aims to prevent unjust enrichment, so the liability is limited to the amount of benefit received.
Test: Quasi Contracts - Question 4
What is the similarity between a contract and a quasi-contract?
Detailed Solution for Test: Quasi Contracts - Question 4
Both a contract and a quasi-contract provide similar remedies for breach and allow the aggrieved party to claim damages. Section 73 of the Indian Contract Act states that damages for quasi-contracts can be claimed, which are the same as for the breach of an express contract. Therefore, the remedies available for a breach are also similar in both cases.
Test: Quasi Contracts - Question 5

Under what conditions can a quasi-contract be evoked?

Detailed Solution for Test: Quasi Contracts - Question 5

To evoke the concept of a quasi-contract, three conditions must be fulfilled:
1. There has to be unjust enrichment due to the receipt of a benefit.
2. The enrichment should take place at the expense of some other party.
3. The retention of such enrichment is unjust.
Only when these conditions are met can a quasi-contract be established.

Test: Quasi Contracts - Question 6
What is the difference between a quasi-contract and an implied contract?
Detailed Solution for Test: Quasi Contracts - Question 6
The main difference between a quasi-contract and an implied contract is that a quasi-contract is based on the principle of unjust enrichment, while an implied contract is based on the mutual actions and conduct of the parties involved. In a quasi-contract, there is no mutual consent between the parties, while in an implied contract, the actions and conduct of the parties imply that they have mutually agreed to enter into a contract.
Test: Quasi Contracts - Question 7
What is the principle behind quasi-contracts?
Detailed Solution for Test: Quasi Contracts - Question 7
The principle behind quasi-contracts is unjust enrichment. The concept of a quasi-contract aims to prevent one party from enriching themselves at the expense of the other. It ensures fairness and equity between the parties involved.
Test: Quasi Contracts - Question 8
What distinguishes a quasi-contract from an express contract?
Detailed Solution for Test: Quasi Contracts - Question 8
One of the main distinctions between a quasi-contract and an express contract is that in a quasi-contract, the intention of the parties is not considered. The formation of a quasi-contract is based on the principle of unjust enrichment and aims to prevent one party from enriching themselves at the expense of the other. On the other hand, in an express contract, the intention of the parties to enter into an agreement is crucial for the contract to be valid.
Test: Quasi Contracts - Question 9
What is the basis of a quasi-contract?
Detailed Solution for Test: Quasi Contracts - Question 9
The basis of a quasi-contract is the requirement and sense of justice. A quasi-contract is not a contract in the pure sense, but rather a fictitious contract created by law to ensure equity and prevent unjust enrichment. It is based on the principle that a contract cannot override the requirement and sense of justice.
Test: Quasi Contracts - Question 10
What is the purpose of a quasi-contract in terms of compensation?
Detailed Solution for Test: Quasi Contracts - Question 10
The purpose of a quasi-contract is to compensate the aggrieved party for the benefit received by the enriched party. The concept of a quasi-contract aims to prevent unjust enrichment, so the enriched party is required to compensate the aggrieved party for the value of the benefit received. The compensation is limited to the amount of the benefit received and does not include any additional damages or double the amount.
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