BROWSE

Quasi Contract

Definition

A quasi-contract is a fictional contract recognised by a court. The notion of a quasi-contract can be traced to Roman law and is still a concept used in some modern legal systems.

What is a 'Quasi Contract'

A quasi contract is an agreement between two parties without previous obligations to one another that has been created and legally recognized by the court system. under a quasi-contract, neither involved party is expected to create such an agreement; this contract is arranged and imposed by a judge to correct a circumstance in which one party acquires something at the expense of the other party.

Explaining 'Quasi Contract'

For example, consider a pizza that is delivered to the wrong address. The pizza has already been paid for. If the individual does not correct the delivery man and instead keeps the pizza, the court system could issue a quasi contract that would require the individual to pay back the amount of the pizza to the party that paid for the pizza. The contract is used to prevent any party from benefiting from the situation at the other party's expense; the restitution required under the contract is to make the situation fair.

The History of Quasi Contracts

Under common law jurisdictions, quasi contracts can be followed back to the Middle Ages under a form of action known as indebitatus assumpsit. This law saw that the plaintiff in a case received a sum of money from the defendant, as dictated by the courts, as if the defendant had agreed to pay the plaintiff. Indebitatus assumpsit was the courts' way to make one party pay the other as if a contract or agreement already existed between the two parties – the defendant’s promise or agreement to be bound by the contract requiring reparations was implied by law. At the very beginning of the quasi contract's use, it was typically imposed in order to enforce restitution obligations.

Requirements

Certain aspects must be in place for a judge to issue a quasi contract. One party – the plaintiff – must have given a tangible item or a service to another party – the defendant – with an expectation/implication that payment would be given. The defendant must have accepted or acknowledged receipt of the valuable thing but did not make any effort or offer to pay. Then, the plaintiff must express why it would be unjust for the defendant to receive the thing of value without paying for it, so the defendant received unjust enrichment.


Further Reading


Quasi-Monte Carlo methods in numerical finance
pubsonline.informs.org [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

A quasi‐experimental evaluation of partneringA quasi‐experimental evaluation of partnering
www.tandfonline.com [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

Pricing in the English NHS quasi market: a national study of the allocation of financial risk through contractsPricing in the English NHS quasi market: a national study of the allocation of financial risk through contracts
www.tandfonline.com [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

Governance models of university systems—towards quasi‐markets? Tendencies and perspectives: A European comparisonGovernance models of university systems—towards quasi‐markets? Tendencies and perspectives: A European comparison
www.tandfonline.com [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

Recoveries for Violation of the Right of Privacy in Quasi-Contract and the Federal Income Tax: An Illustration of Law's Response to Changes in Attitudes About the …Recoveries for Violation of the Right of Privacy in Quasi-Contract and the Federal Income Tax: An Illustration of Law's Response to Changes in Attitudes About the …
heinonline.org [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

Why the" Quasi-integration" Contracts are Selected?——The Evidences from the Contracts Signed by Sapphire Company and FarmersWhy the" Quasi-integration" Contracts are Selected?——The Evidences from the Contracts Signed by Sapphire Company and Farmers
en.cnki.com.cn [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

On the use of quasi-Monte Carlo methods in computational financeOn the use of quasi-Monte Carlo methods in computational finance
link.springer.com [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

Quasi-landlord port financing in China: Features, practice and a contract theory analysisQuasi-landlord port financing in China: Features, practice and a contract theory analysis
www.sciencedirect.com [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

An inquiry into quasi‐credit contracts: The role of reciprocal credit and interlinked deals in small‐scale fishing communitiesAn inquiry into quasi‐credit contracts: The role of reciprocal credit and interlinked deals in small‐scale fishing communities
www.tandfonline.com [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …

Unjust enrichment and quasi-contractsUnjust enrichment and quasi-contracts
www.elgaronline.com [PDF]
… Many contracts of current interest fall into this category … Under the Black Scho- les assumptions there is a simple expression for the value of this contract. The detailed formula is given in Boyle (1993) … 42, No. 6, June 1996 Page 8. ]OY, BOYLE, AND TAN Quasi-Monte Carlo …


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