GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Quantum Meruit


Synonyms:earned amount, payment for service, reasonable share
Filed Under: financial-banking, legal-contracts
Tags: banking, contract, legal
 

Definition of quantum meruit

quantum meruit
1. Used in contract law it means "reasonable value of services." Quantum Meruit determines the amount to be paid for services when a contract does not exist or when a contract is not completed.

Related Terms and Acronyms:

  • construction budget   Money that the builder sets aside for building a structure.
  • contract   An agreement between two or more parties that can be enforced by law.
  • holdback   A dollar amount that is withheld by the lender during construction of a home to ensure construction is satisfactory at every stage. The amount of hold-back is typically equivalent to the estimated cost to complete the construction.
  • judgement   A determination by a court of law or a judicial decision.

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