Which of the Following Statements About Quasi-Contracts Is True

question 11

Multiple Choice

Which of the following statements about quasi-contracts is true?

• A)The plaintiff gave some benefit to the defendant.
• B)The plaintiff reasonably expected to be paid for the benefit and the defendant knew this.
• C)The defendant would be unjustly enriched if he did not pay.
• D)All of the above.

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Definitions:

Cost Method

An accounting method used to value investments, where the investment is recorded on the balance sheet at its purchase cost.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the IASB that provide a global framework for preparing financial statements.

Sham Exchanges

Transactions that lack substance or economic purpose, often designed to create deceptive appearances or evade taxation.

Commercial Substance

Commercial substance is a concept that a transaction significantly changes the economic position or cash flows of a company, beyond the mere transfer of assets or obligations.