A Quasi-Contract Is Not a Contract,but a Fiction Created by the Courts

question 3

True/False

A quasi-contract is not a contract,but a fiction created by the courts to prevent injustice.

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Definitions:

Operating Activities

These are the day-to-day actions that are involved in running a business which affect the cash flow but are not investing or financing activities.

Investing Activities

These activities generate cash inflows and outflows related to acquiring or disposing of noncurrent assets such as property, plant, and equipment, long-term investments, and loans to another entity.

Cash Outflow

Money or financial resources leaving a business, typically for expenses, investments, or other payments.

Cash Equivalents

Short-term, highly liquid investments such as Treasury bills, commercial paper, and money market funds, that are made solely for the purpose of generating a return on temporarily idle funds.