A quasi contract, also known as an implied-in-law contract, is a legal term used to describe a contract that has not been explicitly agreed upon by the parties involved. Instead, it is a contract that is created by law to prevent one party from being unjustly enriched at the expense of another party.

A quasi contract arises when one party receives a benefit from another party without paying for it. Although there is no explicit contract between the parties involved, the law implies a contract in order to prevent the party who received the benefit from retaining it without compensating the other party.

For instance, let’s say that a person hires a contractor to build a new addition to their home. However, after completing the project, the contractor demands an exorbitant fee that was never agreed upon initially. In this scenario, the homeowner can claim a quasi contract and sue the contractor for the amount that is reasonable and fair for the work done.

Another example of a quasi contract is when a person finds a lost item and returns it to its rightful owner. The law implies a contract of reward between the finder and the owner, where the finder receives compensation for returning the lost item.

In conclusion, a quasi contract is a legal concept that protects parties that have not explicitly agreed to a contract, but where one party has received a benefit without paying for it. It is an implied contract that allows the parties involved to be compensated fairly for their efforts and is an important tool for resolving disputes in an equitable manner.