Quasi Contract. It is not actually entered into by the parties but is something imposed on a party by law. Executed contract - In a contract where both the parties have performed their obligation, there remains nothing to perform. Executory contract - In a contract where both the parties are yet to perform their obligation. Unilateral contract - In a contract one party has performed his obligation and other person is yet to perform his obligation. Bilateral contract - In a contract where both the parties have performed their obligation. Bilateral & Executory are same and inter - changeable. According to Sec.2(a), when a person signifies to another his willingness to do or to abstain from doing something with a view to obtaining the assent of that other to such an act or abstinence, he is said to make a proposal. TYPES OF OFFER: Express offer Implied offer Specific offer General offer Cross offer Counter offer Standing offer Express offer - When offer is given to another person either in writing or in oral.
Quasi Contract. A quasi contract is not a contract entered into intentionally by the parties. It is an obligation created by law on a person in the absence of any agreement. ◦ Supply of necessaries (Sec 68) ◦ Payment by a interested person (Sec 69) ◦ Obligation to pay for non gratuitous acts (Sec 70 ) ◦ Responsibility of finder of goods (Sec 71 ) According to sec 68 a minor is liable to pay out of his property for ‘necessaries’ supplied to him or to anyone whom he is legally bound to support. The significance of this is that it does not arise out of a contract as much so as it arises out of a contract. The minor is not personally liable and ‘necessaries’ include food clothing as well as education, They also include watch bicycle etc. According to Sec 70 when a person lawfully does or delivers anything for the other ,not intending to do so gratuitously, and the person derives any benefit from it, he is liable to compensate, or restore the thing so done or delivered. Here three conditions must satisfy [1] The thing must have been done lawfully [2] The person intending to do it must not have done it gratuitously [3] The person must have derived benefit from the act According to Sec 69 a person who is interested in the payment of money which another is bound by law to pay,and who therefore pays it, is entitled to be reimbursed by the other. The essential elements center around [1] The payment made should be bona fide of ones interest [2] The payment should not be a voluntary one [3] The payment must be such that the other is bound by law to pay According to Sec 71 a person who finds goods belonging to another and takes them into his custody is subject to the same responsibility as the bailee is bound to take as much care of the goods as a man of ordinary prudence would, In addition to that he must make efforts to trace the owner. If he does not ,he will be guilty of wrong conversation, and till the owner is found out the property will vest with the finder. He can sell in case of [1] goods are perishable in nature [2] owner cannot be found out [3] when owner refuses to pay for the lawful charges [4] when the lawful charges amount to two thirds of thing. A CONTRACT BY WHICH ONE PARTY PROMISES TO ANOTHER TO SAVE HIM FROM LOSS CAUSED TO HIM BY THE CONDUCT OF THE PROMISOR HIMSELF , OR BY THE CONDUCT OF ANY OTHER PERSON IS CALLED A CONTRACT OF INDEMNITY There are two persons , the indemnifier the indemnified or the indemnity holder There must be loss either by the promisor’s co...
Quasi Contract. 72. In a sale, the property in goods
Quasi Contract. In the case of every contract, the promisor voluntarily undertakes an obligation in favour of the promisee. A similar obligation may be imposed by law upon a person for the benefit of another even in the absence of a contract. Such cases are known as quasi contracts. The obligation created in either of the cases is identical. Quasi contracts are based on principles of equity, justice and good conscience. The salient features, of quasi contractual right, are as follows: Firstly, it does not arise from any agreement of the parties concerned, but is imposed by the law; and Secondly, it is a right which is available not against the entire world, but against a particular person or persons only.
Quasi Contract. 24.A Quasi Contract?
Quasi Contract. An obligation created by the law to avoid unjust enrichment in the absence of an agreement between the parties. Reasonable Person Standard: The standard by which the court decides if the parties intended to create a contract. A “reasonable person” is a fictitious person of ordinary prudence.
Quasi Contract. An obligation created by the law to avoid unjust enrichment in the absence of an agreement between the parties. Reformation: An equitable doctrine that permits the court to rewrite a contract to express the parties’ true intention.
Quasi Contract. A quasi contract is not a contract entered into intentionally by the parties. It is an obligation created by law on a person in the absence of any agreement. ◦ Supply of necessaries (Sec 68) ◦ Payment by a interested person (Sec 69) ◦ Obligation to pay for non gratuitous acts (Sec 70 ) ◦ Responsibility of finder of goods (Sec 71 ) According to sec 68 a minor is liable to pay out of his property for ‘necessaries’ supplied to him or to anyone whom he is legally bound to support. The significance of this is that it does not arise out of a contract as much so as it arises out of a contract. The minor is not personally liable and ‘necessaries’ include food clothing as well as education, They also include watch bicycle etc. According to Sec 70 when a person lawfully does or delivers anything for the other ,not intending to do so gratuitously, and the person derives any benefit from it, he is liable to compensate, or restore the thing so done or delivered. Here three conditions must satisfy 1 The thing must have been done lawfully
Quasi Contract. It is not actually entered into by the parties but is something imposed on a party by law. Executed contract - In a contract where both the parties have performed their obligation, there remains nothing to perform. Executory contract - In a contract where both the parties are yet to perform their obligation. Unilateral contract - In a contract one party has performed his obligation and other person is yet to perform his obligation. Bilateral contract - In a contract where both the parties have performed their obligation. Bilateral & Executory are same and inter - changeable. 🞂 According to Sec.2(a), when a person signifies to another his willingness to do or to abstain from doing something with a view to obtaining the assent of that other to such an act or abstinence, he is said to make a proposal.
Quasi Contract. 25. In which of the ways can a contract be discharged by agreement between parties?
