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Definition of 'Quasi Contract'
A legal agreement created by the courts between two parties who did not have a previous obligation to each other. A normal contract requires two parties to consent to mutually agreeable terms. Under a quasi contract, neither party is originally intended to create an agreement. Instead, an arrangement is imposed by a judge to rectify an occurrence of unjust enrichment.
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Investopedia explains 'Quasi Contract'
When one party knowingly receives something for nothing, the courts may impose a quasi contract. For example, if UPS delivers a new television to Zoe that she did not order and she keeps the television and does not attempt to return it to the company that mistakenly shipped it to her, a judge could impose a quasi-contract to force her to pay for the television. Zoe did not intend to purchase the TV, and the TV company did not intend to sell her a TV, but since she chose to benefit from the TV at the company's expense, the court requires her to reimburse the TV company to make the situation fair.
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Search results for 'Quasi Contract'
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http://stocks.investopedia.com/stock-analysis/moneyshow/FalloutfromtheApple-SamsungFeud.aspx
... As it stands today, those chip suppliers are dependent on contract wafer-fabrication ...
A5 processor to any outside companies, it is only quasi-competition for ...
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http://www.investopedia.com/exam-guide/series-7/securities-markets/federal-reserve-board.asp
... Monetary Policy Monetary policy is the creature of the Federal Reserve, or
"the Fed", the US quasi-governmental, independent central bank. ...
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