At first let us know about the contracts. When a contract is made between the two people then both the parties are involved. Both the parties are legally bound by the promise. The contract will be enforced by the law. They both are bound by the promises. Basically a contract is a promise. When talking about the quasi contracts then they are relation which is created by the contracts.
There are certain transactions that take place without the involvement of any party. There is no contract between the parties. In these kinds of transactions law comes into play. Here in these transactions law creates the rights and regulations between them. These rules and obligations play the similar role which is played when contracts impose them.
Contracts are the agreements made between the two parties. These contracts have certain obligation that is enforced by the law. These obligations are recognizable by the law also. These contracts are the promises enforced by the law. Since these contracts have the involvement of law if there is any violation of the contract then law comes into play.
The law recognizes the agreement and make sure that later is punished if is not abide by the promises made in the agreement. Contracts have its usage when a promise has to fulfill by the party. Contracts are not for the personal exchange. It can- not be bounded by the law. In case of personal exchange it is not enforced by the law.
There is a term known as adequate consideration. This term has a major role in contracts. As mentioned earlier contract is not made when personal exchanges is to be made. The exchange should have adequate consideration. There is certain benefit which is received by the party because of which the promise is made. These benefits are termed as adequate consideration.
Hence, talking about the contract then it has to be enforced by the law. When personal exchanges are concerned there are special cases when it is enforced by the law. When the party depends upon the other party for the personal exchange then this personal exchange is termed as contract. This is the case when this contract is enforced by the law. But talking on the general basis there are no personal exchanges in a contract which is enforced by the law.
Whenever there is a business deal then the partners who together form the company have their business contracts. To make a contract is a legal process. The lawyers are hired to make a legal contract. If the partners have put in their share on 50% then a contract determining these clause and promises is made.
It is enforced by the law. Both the partners get in together for their company through this contract. The contract is very important in order to avoid any clashes in the future. Since it is a written document it can-not be proved wrong. All the proceedings of the contract are done by the law. If any of the business partners is found violating the promises made in the contract then he/she would have to face the problems and repercussions.
Talking about the quasi contract, there is no actual contract in this. There is no agreement between the two parties. Both the parties are independent of any agreement. The obligation of one party to the other is by the law. The quasi contract is a kind of fictional contract which is recognized by the law.
There is no written agreement in the quasi contract. The quasi contract helps in the unjust enrichment of one party at the cost of other party. The unjust could be on the basis of payment of goods. In these cases lies the chance of unjust. This is the reason why court has initiated quasi contract where the chances of unjust will get reduce.
There are various kinds of quasi contract. The very first kind of quasi contract is the contract done on the supply of necessaries. In this case a person is not capable enough or in a condition to be a part of contract. But that person is bound to be in an agreement with the other person on the legal basis.
In such case he would be helped by another person who would supply the necessaries which would be necessary for the fulfillment of the condition of the life. When the supply is made then that person for whom the supply was made becomes reimbursed to that person.
He would repay the person who sponsored the supplies. The payment is made through the property of that person for whom the supply was made by the other person. For example if there is a man named Gopal, supplies the daily needed product which is suitable for the condition of the life to a person named Mangal then Mangal would repay him through his property. This is the quasi contract based on necessary supplies.
There is another kind of quasi contract which happens in this situation. The situation is such that a person has to make a payment or offer goods to the other person forced by the law. The person who makes the payment does not do it willingly. He does it because he is bound by the law.
He has no thought or agreement of his own to do any such kind of payment to the other person. Here the other person enjoys the benefit. In such case the one who enjoys the payment have to make the compensation to the person who had done the payment. He has to do the compensation in order to restore the things. He has to do the compensation in order to make the things at ease.
A very easy example can be given to make this quasi contract more comprehensive. Suppose if Ramu has left the goods at his relatives place that is at Shyam’s place then Shyam should not use it. But when Shyam uses those goods and makes benefit from those goods then he has to do the compensation.
He just simply can-not enjoy the profits. He has to make the payment of those goods left at his place by Ramu to Ramu.
Hence, these are some of the quasi contracts mentioned in the judiciary system of our nation.