01 April 2015
Tacit Contract: A tacit contract is one which is inferred from the acts or conduct of the parties or from the circumstances of the cases. In tacit contracts, terms and conditions of the contracts are known to the parties. E.g.: Withdrawing case from an ATM., e.g.: A uses metro train to commute from Dumdum to Maidan Using metro card.
01 April 2015
In the case of every contract, the promisor voluntarily undertakes an obligation in favour of the promisee. A similar obligation may be imposed by law upon a person for the benefit of another even in the absence of a contract. In certain circumstances the law presumes the existence of contract even though no agreement was made between the parties. Such cases are known as quasi contracts. The obligation created in either of the cases is identical.
Quasi contracts are based on principles of equity, justice and good conscience. A quasi or constructive contract rests upon the maxims, “No man must grow rich out of another persons loss”. These relation are called as a quasi contractual obligations. In India it is also called as ‘certain relation resembling those created by contracts’.
The salient features, of quasi contractual right, are as follows:
i. Firstly, it does not arise from any agreement of the parties concerned, but is imposed by the law; and
ii. Secondly, it is a right which is available not against the entire world, but against a particular person or persons only.
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