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reliance interest & quantum meruit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › reliance interest & quantum meruit

  • This topic has 5 replies, 2 voices, and was last updated 10 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • June 21, 2015 at 3:13 pm #258423
    putisaduo
    Member
    • Topics: 7
    • Replies: 9
    • ☆

    Dear sir,

    I’m confused about these two terms. I read the text book, the explanation of these two are:-

    quantum meruit: restore ….if the contract never been made;
    reliance interest: restore….if they have had not relied on the contract;

    Is there any difference between them?

    thank you!

    June 22, 2015 at 9:17 pm #258525
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    I’ve never heard the expression “reliance interest”!

    Quantum meruit literally translates from the Latin “for as much as it’s worth”

    “Restitutio in integrum” means “restore in full” (is this your “reliance interest”)

    Does that help at all?

    June 23, 2015 at 3:18 pm #258593
    putisaduo
    Member
    • Topics: 7
    • Replies: 9
    • ☆

    thank you!

    This is a MCQ of BPP revision kit as follows:

    In relation to the award of damages in contract law, which of the following describes damages paid to protect the claimant’s reliance interest?

    A What is needed to put the claimant into the position they would have been in if the contract had been performed
    B What is needed to put the claimant into the position they would have been in if they had not relied on the contract
    C What is needed to recover the price of goods or services provided under the contract

    Since I have learned express interest & quantum meruit, but due to this MCQ I checked the BPP text book and found the explanation of ‘reliance interest’ as above, but confused.

    June 23, 2015 at 3:46 pm #258595
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    The answer is A

    You can read something about it on

    http://Www.bepress.com/assets/fuller1.pdf

    Hope that helps

    June 24, 2015 at 5:27 am #258673
    putisaduo
    Member
    • Topics: 7
    • Replies: 9
    • ☆

    thank you very much!

    Best,

    June 24, 2015 at 9:51 am #258710
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    You’re welcome

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