A Party Seeking to Recover in Quasi Contract Must Show

question 26

True/False

A party seeking to recover in quasi contract must show that he or she has been unjustly enriched.

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Definitions:

Competitive Price-Taker Firm

A business that accepts market prices as given because it has no power to influence them.

Economic Profit

The difference between the total revenue received from the sale of an output and the total opportunity costs of the inputs used.

Economic Losses

Monetary losses incurred from business operations or other economic activities, often delineated from accounting losses.

Positive Profit

A financial gain that occurs when the revenues earned exceed the costs incurred.