Video: Quasi-Contract: Definition & Examples. A quasi-contract exists in the absence of a written contract and may be court ordered to avoid one party gaining at the expense of another party's actions. Business 103: Introductory Business Law / Business Courses.
The Panic of 1837 was partly caused by the economic policies of President Jackson, who created the Specie Circular by executive order and refused to renew the charter of Second Bank of the United States.
Banks needed a source of emergency reserves to prevent the panics and resulting runs from driving them out of business. A particularly severe panic in 1907 resulted in bank runs that wreaked havoc on the fragile banking system and ultimately led Congress in 1913 to write the Federal Reserve Act.