What is meant by the term 'Quantum Meruit'?

The term 'Quantum Meruit' is a legal principle derived from Latin that translates to "as much as is deserved." It is commonly applied in contract law and refers to the amount of money that one party is entitled to receive for the services rendered or materials provided when there is no written contract specifying a set amount. Essentially, it allows a party to claim payment based on the value of the work or services they have performed, even if there is no formal agreement in place.

This principle is particularly relevant in scenarios where one party has provided a benefit to another, and it would be unjust for the benefiting party to not compensate the provider for the value received. Thus, the correct understanding of 'Quantum Meruit' involves recognizing the right to payment based on the merit of the services, paralleling with the idea of fairness and equity in business transactions.