IS purchase order is quasi contract?
IS purchase order is quasi contract?
Digambar Dighe (Accounts Manager) (36 Points)
15 January 2020
1 Replies
V Hajib
(Registered Insolvency Professional Registered Independent Director with MCA)
(54 Points)
Replied 15 January 2020
A Quasi Contract is not a formal contract but an agreement between two or more parties that is enforced by a court of law.
Sections 68-72 of the Indian Contract Act, 1872, deal with quasi contracts and include the following: Supply of necessaries (Sec. 68), Payment of lawful dues by interested person (Sec. 69), Person enjoying benefit of a gratuitous act (Sec. 70), Finder of goods (Sec. 71), Goods or anything delivered by mistake or coercion (Sec. 72)
Purchase order is a legal contract between your company and the vendors you depend on for your goods and/or services.
Quantity,type of item,price etc is specified and acceptance of purchase order makes it a legally enforceable contract.
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