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IS purchase order is quasi contract?


Digambar Dighe (Accounts Manager)     15 January 2020

Digambar Dighe
Accounts Manager 
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IS purchase order is quasi contract?

 

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V Hajib (Registered Insolvency Professional Registered Independent Director with MCA)     15 January 2020

V Hajib
Registered Insolvency Professional Registered Independent Director with MCA 
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A Quasi Contract is not a formal contract but an agreement between two or more parties that is enforced by a court of law. Sections 68-72 of the Indian Contract Act, 1872, deal with quasi contracts and include the following: Supply of necessaries (Sec. 68), Payment of lawful dues by interested person (Sec. 69), Person enjoying benefit of a gratuitous act (Sec. 70), Finder of goods (Sec. 71), Goods or anything delivered by mistake or coercion (Sec. 72) Purchase order is a legal contract between your company and the vendors you depend on for your goods and/or services. Quantity,type of item,price etc is specified and acceptance of purchase order makes it a legally enforceable contract.


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