A contract is a legally enforceable agreement between two or more people.
But not every agreement is legally binding.
For a Contract to Be Valid in Nigeria, It Must Have:
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Offer – One person makes a promise.
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Acceptance – The other person agrees.
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Consideration – Something of value is exchanged (usually money).
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Intention to Create Legal Relations
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Capacity – Parties must be adults and mentally sound.
Does It Have to Be Written?
Not always.
Some contracts can be oral. However, contracts involving:
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Land
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Loans
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Guarantees
should be in writing to avoid disputes.
What Happens If Someone Breaches a Contract?
The injured party can:
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Claim damages
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Ask the court to enforce the agreement
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Cancel the contract
