Glossary - Q
- Quantity survey method
- The term quantity survey method refers to the assessment procedure of approximating construction expenses by means of computing the cost of the entire physical factors involved in the development totaling the expenditure for bringing them together and subsequently counting the indirect costs related with such building. In brief, quantity survey method is a procedure to evaluate the building cost. In its exact use, this technique is a recurrence of the service provider's original method that is made use of while approximating labor hours needed and affecting expenses to material and labor quantities with supplementary payment for indirect expenses like labor, operating cost, and insurance coverage as well as the profit of the service provider or
contractor.
Though it is only an estimate, the quantity survey is the most perfect and verifiable technique. Nevertheless, this method consumes plenty of time to prepare and its common utility is limited to contractors and to the assessment of public utility and unique purpose properties. In effect, the unit-in-place technique that is regularly mentioned as the amended quantity survey method is more used more often during evaluation computing.
- Quantum meruit
- Generally, the term quantum meruit refers to a court verdict or a stipulation in an agreement that the client ought to pay in proportion for a partly completed contract or order. In Latin, the term means 'as much as deserved'. In other words, the expression quantum meruit denotes the sum that should be paid as deserved by the degree and amount of original service executed in an agreement. In the event the contract has been fulfilled by contravention after the damaged party has performed a part, but not the whole, of what was pledged in it, the individual is allowed a realistic value of what has been completed from the party who has committed the violation. In fact, quantum meruit is among one of the many solutions for violating an agreement. The other remedies include compensation, specific performance and injunction.
- Quiet enjoyment
- In the context of real estate, the expression quiet enjoyment denotes possession and use of a property with no meddling or hindrance from a superior deed holder. Usually, the grantor incorporates this agreement in a lease or title transfer pledging that the tenant or grantee would be enjoying possession of the premises in tranquility and without any commotion. According to the law, besides 'an absence of noise', 'quiet' denotes 'uninterrupted'. In the context of mortgages, the term quiet enjoyment denotes the mortgagor's privilege to uninterrupted use of the property till he or she turns out to be a defaulter.
- Quit claim deed
- The term quit claim deed refers to a document that transfers whatsoever claim, right, interest or title the grantor or maker of the deed may have in a specific property with no statement or warranty concerning any claim, if there is any, that any other party may have in the same property. Such document is made use of in the instance of the grantor's ownership of the property is disputed. In other words, a quit claim deed denotes a common discharge of all claims to a lot in accordance with the prerequisites specified in provincial land registration practices.
- Quorum
- The term quorum denotes the minimum number of entitled members or shareholders (stockholders) who ought to be present either physically or by proxy at a meeting prior to any official business may be carried out or a decision taken that becomes obligatory lawfully. Normally, the articles of association or statute of a firm or company spells out this minimum number. As an alternative, the number laid down in corporate legislation like the company law is pursued. In brief, this is the bare minimum number of members of an organization that must be present at an official meeting of the body to carry out business in interest or aid of that organization.
