Aircraft Financing Commission Dispute – Implied Contract Theory

A contract implied in law, or quasi contract, operates where there Is no contract in place to provide a remedy where one party is unjustly enriched, and where that party received a benefit under circumstances that made it unjust to retain it without giving compensation.  The plaintiff n Associated Leasing International Corp. v. Alpha Capital Services, Inc. utilized this theory in an attempt to recover a commission on aircraft financing transaction. Associated Leasing International Corp. v. Alpha Capital Services, Inc., 992 So. 2d 283 (Fla. 4th DCA 2008).

An abridged version of the extensive facts of the case is as follows: Herbert Beck (“Beck”) was the owner of Jet Travel, a charter jet service.  Beck approached John Casserly (“Casserly”), who was an aircraft broker doing business as Alpha Capital, Inc., and sought his assistance for securing refinancing for a Lear 55 jet.  Casserly was successful and received a broker’s fee.  Thereafter, in 1995, Beck again approached Casserly regarding refinancing of the Lear 55.  Casserly introduced Beck to Associated Leasing (“Associated”) to provide the refinancing.  However, before any determination was made by Associated, Jet Travel filed for bankruptcy, and Associated was unable to fund the refinancing.

(more…)