Quasi Contracts Are Used to Provide a Remedy When the Parties

question 74

Multiple Choice

Quasi contracts are used to provide a remedy when the parties enter into a(n) :

• A) void contract.
• B) implied in fact contract.
• C) situation in which promissory estoppel applies.
• D) express contract.

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Definitions:

Strike Call

A term that is likely confused with "call option," which is a financial contract giving the buyer the right, but not the obligation, to buy a stock or other asset at a predetermined price (the strike price) within a specific time frame.

Interest Rate

The fee, in the form of a percentage of the principal, that a lender requires from a borrower for the usage of assets.

Put Option

An agreement in finance that allows the owner to sell a predetermined quantity of a basic asset at an agreed-upon price during a defined period, though they are not required to do so.

Expiration

The end of an agreement or period, after which it is no longer valid or in effect.