Quasi Agreement Is: A Brief Explanation

The term “quasi agreement” may not be a commonly heard term, but it is an important concept to understand when it comes to legal agreements and contracts. Quasi agreement is a legal term that refers to an agreement that is not a formal contract but is still legally binding.

In quasi agreements, both parties have agreed to a certain arrangement or exchange of goods or services, but the agreement was not made in the form of a formal contract. This can happen in various situations, such as when a person performs a service without discussing payment beforehand, and the recipient of the service later agrees to pay for it.

Quasi agreements are also known as implied contracts or contracts implied in fact. They are different from express contracts, which are formal agreements that are explicitly stated in writing or verbally. In quasi agreements, the terms of the agreement are inferred from the actions and behavior of the parties involved.

For example, let`s say a contractor is hired to perform work on a house, but no written contract is signed. The contractor completes the work, and the homeowner approves of the work and agrees to pay the contractor. In this scenario, a quasi agreement has been formed, and the homeowner is legally obligated to pay for the work performed.

It`s important to note that quasi agreements are still subject to certain legal requirements. For example, there must be mutual assent between both parties, meaning they both intended to enter into the agreement. Additionally, there must be consideration, meaning both parties must exchange something of value as a part of the agreement.

In summary, quasi agreement is a legal term that refers to an agreement that is not a formal contract but is still legally binding. These agreements are inferred from the actions and behavior of the parties involved and are subject to legal requirements such as mutual assent and consideration. It`s important to understand quasi agreements to ensure that you are aware of your legal obligations in various situations.