Quasi-contract
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner allows repairs to be performed knowing that a reasonable fee will be charged. It would be unfair for the homeowner to have unjust enrichment at the suffering of the one performing the work.
Popular Real Estate Terms
What Is a Real Estate Bubble? One definition for a real estate bubble is the fast increase in prices, usually driven by investors and speculators in major urban areas. Properties are ...
The accelerated depreciation definition is a type of depreciation that makes it possible for a homeowner or real estate investor to depreciate their property faster than the straight-line ...
Opening so that air or gas may enter or leave. For example, an air conditioner has a "vent open" or "vent closed" knob for outside air. The "vent close" switch must be on for air ...
City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are ...
Agreement between two or more individuals whereby each party agrees to do or not to do some act. The parties have reciprocal obligations of performance or actions. ...
Provision in a written agreement that depends on the occurrence of something else. ...
Angle from north or south of a property. When a real estate appraiser does surveying, it is looked at clockwise from north. It may assist in determining the form or boundaries of land. ...
One who receives real property under a will. ...
Having the intellect to comprehend the terms and conditions of a will and their impact. A testator must understand his or her estate and its eventual disposition and effects in order to ...
Have a question or comment?
We're here to help.