If a quasi-contract is imposed, the amount of damages for a breach is based upon ________ of any service provided to the defendant. Group of answer choices fair market value average market value market value plus 10% for damages 20% of the original value of the contract the market value minus any depreciation in value of the service
Added by Joshua R.
Step 1
A quasi-contract is not an actual contract but is imposed by law to prevent unjust enrichment. It is used when one party benefits at the expense of another, and the law seeks to ensure fairness. Show more…
Show all steps
Your feedback will help us improve your experience
Crystal Wang and 70 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
In the case of liquidated damages, how are the damages calculated or decided? Select one: a. A pre-estimated amount that a party will need to pay should there be a breach of the contract. The amount is set excessively high to encourage performance and deter breach. b. On the basis of a pre-estimated amount of damages (estimated at the time of entering into the contract) to be awarded in the event of a breach of contract occurring. c. Damages are quantified by the courts following a breach. d. Damages are negotiated and agreed upon by the parties following the breach.
Crystal W.
Mr. M enters into a contract with Mr. R under which R agrees to build a model railroad for $200. The value of the model railroad to M is $300. Expecting that the model railroad will be delivered, M spends $40 remodeling his basement to make room for it. Before R has received any payment from M, another model railroad enthusiast, Ms. J, offers to buy the model railroad from R for $250, which is also the value of the model railroad to J. A. If R were to breach his contract with M by selling the model railroad to J, how much would he have to pay M under expectation measure of damages? B. If R were to breach his contract with M by selling the model railroad to J, how much would he have to pay M under reliance measure of damages? C. If R were to breach his contract with M by selling the model railroad to J, how much would he have to pay M under restitution measure of damages?
Luke H.
Contributory negligence, where the complaining party's own negligence caused their injury, is a complete bar to recovering damages in some states. True or false? 2. A promise to do what one already has a legal duty to do does not constitute legally sufficient consideration. True or False? 3. In an auction, a bidder is an offeree. True or False? 4. All of the following are elements of the tort of "wrongful interference with a business relationship" EXCEPT: a. There is a written contract between the parties b. The plaintiff suffers damages c. An established business relationship exists d. Predatory methods are used to cause the relationship to end
Josee P.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD