Contract Law in Nigeria

People enter into contractual agreement daily in Nigeria and around the world albeit sometimes unknowingly. In the course of their transaction, disagreement may arise as to the exact rights and obligations of the parties involve even though most of the contracts entered into appears simple. Infact, It is possible for a person to believe that a contract exist even were non is enforceable under law. This article points the ingredients that necessitates contract.
What is Contract?
A contract basically a legally binding agreement between  two or more people which creates an obligation, as such when breached, the aggrieved person could seek remedy in Damages or by Specific performance of the contract.
A contract must have a bargain or benefit in exchange for something else. A gratuitous promise is not a legally binding contract.
•Essential Ingredients of a Contract
a. An offer. An offer is a statement that is definite, certain and shows the clear intention to make the offer which when accepted becomes binding on the parties.
b. An Acceptance. This is a final, unequivocal and unqualified expression of assent to an offer.
c. Consideration. Consideration is a benefit or forbearance arising from an offer and an acceptance. Where there is no consideration but there is an offer and an acceptance, there is still no contract.
d. Intention to create legal relationship. The parties must intend that their agreement would be binding on them. Where this intention is absent, there can be no legally binding contract.
•Discharge and Remedies for Breach of Contract
A contract can be discharged ;
(a) by the performance of the purpose of the contract itself; (b) by mutual rescission of the contract;
(c) by renunciation;
(d) by the purpose of the contract been illegal or by an amendment to existing laws which makes the purpose of the contract to be or become illegal;
(d) by voluntary relinquishment of contractual rights;
(e) by accord and satisfaction;
(f) by novation;
(g) by material alteration, etc.
In Law, to every wrong, there is always a remedy or compensation. As a result, there are many remedies for the wrongful repudiation of a contract. The two most common remedies are: -
a. Various types of damages like compensatory damages, punitive damages, exemplary damages etc.
b. Specific performance of the contract could be awarded where monetary compensation would be inappropriate or inadequate.
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