What do you mean by quasi contract?how does it differ from an ordinary contract?
Answers
Explanation:
A contract is an agreement between two or more parties, which is enforceable by law.
Quasi-contract:
The word ‘Quasi’ literally means pseudo or false. So a Quasi-contract is a pseudo contract which means that it is not a contract technically but resembles to be one. “Nemo debet locupletari ex aliena jactura” is a Latin Maxim which means, nobody should be benefited at the cost of another, or nobody should be enriched at the cost of another’s loss. The Quasi-contracts have arisen from this maxim. For example, if a package is delivered at the wrong address by mistake, then the owner of the house should find out the rightful owner of the package and return it, and if the contents of the package are consumed or used up, then the rightful owner of the package deserves compensation equal to the cost of it.
Ordinary contract:
Ordinary Contract means any trade or operational contracts incurred in the ordinary course of business on an arm's-length basis with an unrelated third party and on terms which are commercially reasonable terms and in amounts that are customary and reasonable under the circumstances.
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