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Write short notes on:
(a) Quasi-Contract.
(b) Contingent Contract.

2007-10-31 01:44:17 · 1 answers · asked by Srikanta C 1 in Business & Finance Other - Business & Finance

1 answers

Quasi Contract
Obligation created by law for reasons of justice and fairness. The doctrine of quasi contract is based upon the principle that a party must pay for a benefit he desired and received under circumstances that render it inequitable for him to retain it without making compensation. For example, a car owner brings his car in for brake repairs. The mechanic fixes the brakes and in doing so he also fixes a separate part of the axle that has a direct relationship to the car's ability to brake correctly. Although the axle repair was not specifically contracted for, a quasi contract is implied for which the owner must pay the mechanic.

Contingent Contract
“A contingent contract is a contract to do or not to do something, if some event, collateral to such contract does or does not happen.” Thus it is a contract, the performance of which is dependent upon, the happening or non-happening of an uncertain event, collateral to such contract.
Illustration A contract to indemnify B upto Rs20,000, in consideration of B paying Rs1,000 annual premium, if B’s factory is burnt. This is a contingent contract.

The 2nd link is a lecture on quasi- and contingent contracts.

2007-10-31 03:52:38 · answer #1 · answered by Sandy 7 · 0 0

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