Quasi contracts are legal obligations that arise not from any formal agreement between parties but are imposed by law to prevent unjust enrichment. In simpler terms, it ensures that no one unfairly benefits at another’s expense. These contracts play an important role in maintaining fairness and equity in commercial and personal dealings.

Under the Indian Contract Act, 1872, quasi contracts are covered under Sections 68 to 72. These provisions outline situations where one party is bound to compensate another even without a formal contract. For example, if a person receives goods or services by mistake and benefits from them, the law requires them to pay reasonable compensation to the provider. This ensures fairness and accountability in transactions.

There are several key types of quasi-contractual obligations, such as claims for the supply of necessities to a person incapable of contracting, payment by an interested party, or recovery of money paid by mistake or under coercion. Each of these provisions protects individuals from losses due to others’ unjust gains.

Unlike regular contracts, quasi contracts do not require mutual consent. Instead, they are obligations created by law to maintain justice and prevent unfair advantages. They help maintain trust in the financial and business ecosystem by ensuring accountability and ethical conduct.

In summary, quasi contracts bridge the gap between moral obligation and legal enforceability. They reflect the principle of natural justice — that no person should benefit at another’s cost without legitimate cause. Understanding quasi contracts is crucial for anyone involved in financial, business, or legal dealings.