When it comes to legal agreements, contracts and quasi contracts are two terms that are often used interchangeably. However, these terms refer to two distinct types of legal arrangements that have different implications, purposes, and legal outcomes. In this article, we`ll explore the key differences between contracts and quasi-contracts in a tabular form.
Contracts Quasi Contracts
Definition – A contract is a legal agreement between two or more parties that creates enforceable obligations. – A quasi-contract is a legal arrangement in which a court imposes obligations on a party to prevent unjust enrichment.
Formation – Contracts are formed through an offer, acceptance, and consideration. – The parties involved in a contract must have legal capacity and must have mutual assent to the terms of the agreement. – Quasi-contracts are not formed by an express agreement but are instead created by law. – The parties involved in a quasi-contract did not intend to create a legal relationship, but their actions or circumstances imply an obligation.
Purpose – Contracts are designed to secure the contractual performance of the parties involved. – The primary purpose of a contract is to provide a legal framework for the exchange of goods, services, or money. – Quasi-contracts are designed to prevent unjust enrichment. – The purpose of a quasi-contract is to ensure that a party does not benefit unfairly at the expense of another.
Enforcement – Contracts are enforceable through legal remedies such as damages, specific performance, or injunctions. – The terms of a contract can be enforced in court through legal action. – Quasi-contracts are not enforceable through legal remedies. – Instead, obligations arising from a quasi-contract are imposed by the court as a matter of fairness and equity.
Breach – A contract is breached when one party fails to perform their obligations according to the terms of the agreement. – In such cases, the injured party can seek damages or other legal remedies. – A quasi-contract is not breached. – Instead, it arises when one party benefits at the expense of another, and the court determines that an obligation is necessary to prevent unjust enrichment.
In conclusion, the difference between contracts and quasi-contracts is significant. While contracts are created through a mutual agreement and are enforceable through legal remedies, quasi-contracts are created by law to prevent unjust enrichment and are not enforceable through legal remedies. It`s essential to understand these differences to ensure that your legal agreements are enforceable and free from ambiguity.