The Quasi-Contract Concept Involves the Mutual Assent of the Parties

question 50

True/False

The quasi-contract concept involves the mutual assent of the parties.

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Definitions:

Cheques

A method of payment that allows an individual to instruct their bank to pay a specific amount from their account to another party.

Daily Interest Rate

This is the interest rate applied to a loan or investment for a single day, often used in calculating accrued interest over a period.

Collection Float

The time difference between when a check is deposited and when the funds are available in the account, affecting the business’s cash flow.

Checks

Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a designated entity.