Business Law: Alternative Theories for Enforcing Contracts

The video tutorial explores two alternative theories for enforcing promises when no valid contract exists: quasi-contract and promissory estoppel. Quasi-contract applies when one party is unjustly enriched by another's actions without fair compensation, as illustrated by a mistaken delivery of a diamond ring. Promissory estoppel involves enforcing a promise when one party relies on it to their detriment, exemplified by a broken promise from an uncle to support an aspiring artist. Both theories aim to prevent injustice in the absence of a formal contract.

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