15
Question
Quasi contracts are -
(I) Not contracts at all
(II) Obligations imposed under the law
Select correct answer from the options given below -
(I) Not contracts at all
(II) Obligations imposed under the law
Select correct answer from the options given below -
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Solution
The correct option is D Both (I) and (II)
A quasi contract involves an agreement between at least two parties who had no prior obligation to each other. It is a contract that's legally recognized in a court of law. More specifically, this type of contract is created by court order, not between the parties in question. Sometimes, the law implies a promise and imposes obligations on one party while conferring rights to the other even when the basic elements of a contract are not present. These promises are not legal contracts, but the Court recognizes them as relations resembling a contract and enforces them like a contract. These promises are Quasi contracts. Sections 68 – 72 of the Indian Contract Act, 1872 detail five circumstances under which a Quasi contract comes to exist.
A quasi contract involves an agreement between at least two parties who had no prior obligation to each other. It is a contract that's legally recognized in a court of law. More specifically, this type of contract is created by court order, not between the parties in question. Sometimes, the law implies a promise and imposes obligations on one party while conferring rights to the other even when the basic elements of a contract are not present. These promises are not legal contracts, but the Court recognizes them as relations resembling a contract and enforces them like a contract. These promises are Quasi contracts. Sections 68 – 72 of the Indian Contract Act, 1872 detail five circumstances under which a Quasi contract comes to exist.
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