Quantum Meruit
Definition
- 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.
Synonyms
earned amount, reasonable share, payment for service
Related Terms and Acronyms
- Construction Budget — Definition,
- Money that the builder sets aside for building a structure.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Holdback — Definition,
- 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 — Definition,
- A determination by a court of law or a judicial decision.
