The Principle and Nature of Law of Contract in Nigeria: Formation of Binding Contract

Abstract

The article considered the importance of a truly and legally binding agreement in mostly commercial transactions in Nigeria that would ultimately translate into such that the law would enforce. It sought to revisit case laws and statutes on the various commercial transactions in Nigeria. In writing the article secondary data drawn from books, case laws, statutes, unpublished materials and the internet were relied upon. The articles position is that actions do not arise from a base cause. A contract tainted with illegality or contrary to public policy cannot be enforced by the law courts in Nigeria. The illegality may be borne out of sheer ignorance or mere mischief. The law here guides against the misuse or misapplication of the formation of the various steps or stages obviously involved in the formation of a truly binding contract which the law can enforce giving the peculiarity of the Nigerian terrain.