An ostensible agreement, also known as a “quasi-contract” or “implied-in-fact contract”, is a legal concept that refers to a situation where two parties have acted as though they have entered into a binding agreement, even though they may not have actually done so.
In other words, an ostensible agreement is a situation where there is no written or oral agreement, but the behavior, actions, and circumstances suggest that there was an agreement between two parties.
For example, if you walk into a store and pick up a product, you may have an ostensible agreement with the store that you are willing to pay the listed price for the product. Even though you and the store did not have a verbal or written agreement, the act of picking up the product and bringing it to the register implies that you are willing to purchase it at the listed price.
An ostensible agreement is typically recognized by the court in certain circumstances where it is believed that one party has been unjustly enriched at the expense of the other party. In these cases, the court may require the party that has benefited from the ostensible agreement to compensate the other party for any damages or costs incurred as a result of the agreement.
However, it`s important to note that an ostensible agreement is not the same as an implied contract. An implied contract is an agreement that is not expressly stated but is still legally binding and enforceable. In contrast, an ostensible agreement is not a formal contract and is only recognized by the court in certain circumstances.
In conclusion, an ostensible agreement is a legal concept that refers to a situation where two parties have acted as though they have entered into a binding agreement, but there is no written or oral agreement. It is recognized by the court in specific circumstances where one party has been unjustly enriched at the expense of the other party. While it is not the same as an implied contract, it is still an important concept to understand in the context of business and legal matters.