Quasicontract

Definition of "Quasi-contract"

Gregory Bedford

Gregory Bedford Trophy Homes Realty

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.

Have a question or comment? We're here to help.

Search Real Estate Terms

Popular Real Estate Terms

Legal Name

One's given name at birth including a first name, a possible middle name, and a surname. The legal name must be used to legally sign documents, deeds, ...

Passive Solar Heating

Solar heating using architectural design characteristics and building materials rather than an active solar heating design. For example, heavy insulat ...

Buy-sell Agreement

Partnership agreement where the parties consent to purchase the interest of those leaving the partnership while those leaving similarly consent to sel ...

Silent Partner

Partner in a real estate business who remains anonymous but has legal rights and obligations. ...

Rent

Payment made by the tenant to the landlord for the right to use property, such as an apartment or office. ...

Viz

Namely. ...

Popular Real Estate FAQ

What Is A Lien?

A lien is a claim against a property. ...

How Can I Figure Out My Debt-to-income Ratio?

To figure out where you stand on the debt-to-income ratio, you must first understand the meaning of the figure. Most lenders use the ratio 28/36. The ...

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

What Is A Housing Ratio?

A housing ratio is the percentage of your housing payment (principal, interest, taxes, and insurance) to your monthly gross income. Lenders use this r ...

What Is A Rate Lock?

A rate lock is a commitment issued by a lender to a homebuyer or to the mortgage broker guaranteeing a specific interest rate for a specified amount o ...

What Is An Inspection?

An inspection is a close and thorough examination of a house and property. A licensed individual usually does the inspection. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Down Payment: Everything You Wanted to Know Luxury Real Estate Forecast Furnished Rental Tips for Real Estate Investors How to Buy a House Quickly What is a Credit Score and How Does it Impact Real Estate?

FAQ

What is a closing? What are the benefits of Business Owners Insurance? What is accession? What is a subprime mortgage? What is the difference between being prequalified and preapproved for a loan?