kindly explain the difference between QUASI CONTRACT and QUANTUM MERUIT in layman's term with eg.
Thanks in Advance.
Quasi-contracts is the agreement imposed by the law, which outlines the obligation of one party towards another party in case the former possesses the property of the latter party, i.e., something is acquired by one party at the expense of another party.
quantum meruit means “what one has earned” or “as much as he has earned”. In simpler terms, it refers to the actual value of the services rendered or performed.
Even if there is no specific contract this law implies a promise to pay a reasonable amount for the labour and material furnished.
CAclubindia
