Implied Contract

Implied Contract
An implied contract refers to an agreement that is established by the actions, behavior, or circumstances of the parties involved, without a written or spoken exchange. Unlike an explicit contract, its terms are inferred from conduct rather than articulated in words.
Quasi Contract
A quasi contract is an obligation created by law for reasons of justice and fairness. It ensures that one party pays for a benefit they desired and received under circumstances that make it inequitable to retain without compensation.

Accounting Terms Lexicon

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