Quantum meruit

{
  "id": "MLC-T-INS-002779",
  "term": "Quantum meruit",
  "field": "Insurance and risk management",
  "definition": "A legal principle meaning \"as much as deserved,\" which allows a party to recover the reasonable value of services rendered or goods provided, even in the absence of a formal contract. In insurance, this can arise when a service provider, such as a repair contractor, performs work after a loss without a pre-existing agreement on price. Courts may award payment based on the fair market value of the services.",
  "url": "https://mlchart.com/terminology/insurance/quantum-meruit/"
}