Quasi Contract

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.
Quasi-Contract
A quasi-contract is a legal obligation imposed by a court to prevent unjust enrichment and ensure fairness, even though no formal contract exists between the parties.

Accounting Terms Lexicon

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