Quasi-contract
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner allows repairs to be performed knowing that a reasonable fee will be charged. It would be unfair for the homeowner to have unjust enrichment at the suffering of the one performing the work.
Popular Real Estate Terms
(1) Return of the principal invested in real estate. It excludes income earned. (2) Collection of a previously written off bad debt. ...
Heating system dependent upon radiators in each room of the structure. The steam goes form the boiler through pipes to the radiators. A two-pipe system should be employed for larger ...
Yearly tax return filed by an individual or couple. It is due to the federal taxing authority on April 15 for the preceding calendar year. The taxpayer reports gross income, adjustments to ...
Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
Part of a building that is connected to but leads away from the main structure. ...
Outside layer or covering for a structure. It may be a coating of material for protection against inclement weather. ...
Natural resource, such as oil, coal, and timber, having a limited useful life and subject to depletion. Such assets decrease in worth primarily due to the extraction of the valued commodity ...
An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the trust's beneficiary. The ...
The operating expenses definition is the sum of costs or expenses a company deals to operate as a business. The term operating expenses is used in any business field and is commonly ...
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