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quasi fixed asset

sankar saride (1 Points)

09 September 2018

what is meant by quasi fixed asset

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Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 09 September 2018

Quasi-property is a legal concept, in which some rights similar to ownership may accrue to a party who does an act which benefits society as a whole. Black's Law Dictionary defines "quasi" as being "almost" or "resembling" - but not actually the same as the suffix item.

Property Law gives the owner of real property or personal property a "bundle of rights" for beneficial use, such as the right to sell the property or right to lifetime use of the property.

In short you can get benefits from the property or right to use property. May be that property was not your but you can use for the agreement period.

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Vinod Babu (24191 Points)
Replied 09 September 2018

A quasi contract is an agreement between two parties without previous obligations to one another that has been created and legally recognized by the court system. under a quasi-contract, neither involved party is expected to create such an agreement; this contract is arranged and imposed by a judge to correct a circumstance in which one party acquires something at the expense of the other party.