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Contingent & Quasi Contract Video Lecture | Business Laws for CA Foundation

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FAQs on Contingent & Quasi Contract Video Lecture - Business Laws for CA Foundation

1. What is a contingent contract?
Ans. A contingent contract is a contract that depends on the occurrence of a specific event in the future. The rights and obligations of the parties involved in the contract are contingent upon the happening or non-happening of this future event. If the event does not occur, the contract may become void or unenforceable.
2. What is a quasi contract?
Ans. A quasi contract is not an actual contract but is imposed by law to prevent unjust enrichment. It is a legal fiction created by the courts to ensure fairness in certain situations where one party has received a benefit from another party but there is no actual contract between them. The quasi contract allows the party who has provided the benefit to recover the value of the benefit from the other party.
3. What is the difference between a contingent contract and a quasi contract?
Ans. The main difference between a contingent contract and a quasi contract is that a contingent contract is a contract that is based on the occurrence of a specific future event, while a quasi contract is not an actual contract but is imposed by law to prevent unjust enrichment. A contingent contract involves the intention and agreement of the parties, whereas a quasi contract is based on the principle of fairness and preventing one party from being unjustly enriched at the expense of another.
4. Can a contingent contract be enforced in court?
Ans. The enforceability of a contingent contract depends on the fulfillment of the specified future event. If the event occurs as per the contract, the contract becomes enforceable, and the rights and obligations of the parties can be enforced in court. However, if the event does not occur, the contract may become void or unenforceable, as the contingency upon which the contract is based has not been fulfilled.
5. What are some examples of quasi contracts?
Ans. Some examples of quasi contracts include situations where one person pays for another person's expenses thinking it was their own, or where one person mistakenly delivers goods to another person who accepts and uses them. In these cases, the courts may impose a quasi contract to prevent unjust enrichment and allow the party who provided the benefit to recover the value of the benefit from the other party.
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