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Nigerian Law Of Contract By Sagay Pdf Free - The Nigerian law of Contracts (Words and Simple Articles) Act No. 36 of 2000, otherwise known as the "CLC" Act is a law which governs the formation, performance and termination of contracts in Nigeria. The CLC Act codifies general contract principles and provides rules for all types of contracts including: - statutory laws (acts passed by Parliament); - unwritten agreements; - declarations; - covenants not to enforce a disputed contract. In particular, the CLC sets out rules that govern how contracting parties can vary or extinguish their transaction before it comes into being. The CLC Act applies to contracts made in the whole of Nigeria irrespective of the States in which they are made. The CLC Act is a unified statute which means that it covers all types of contracts, whether or not it has been modified by other laws. Contract law depends on the contract being scrutinised and interpreted from the four corners of a written document, as there is no common law of contract except for those exceptions listed in written legislation. It must be stressed that every agreement even if oral can be enforceable under certain conditions. After thorough consideration and review of the Act, the legislature identifies the following: The CLC Act is to be applied equally to all contracts and agreements whether they are made in Nigeria or wherever made. Contract law depends on the contract being scrutinised and interpreted from the four corners of a written document, as there is no common law of contract except for those exceptions listed in written legislation. It must be stressed that every agreement even if oral can be enforceable under certain conditions. For a transaction to come into existence, it has to be "made" by parties acting in good faith and carrying out their respective roles or functions under it. Examples of the "making" of a contract include: A contract can be wholly written or partly oral and partly written. For example, an insurance policy issued to an insured person only needs the terms and conditions to be in writing; it is not necessary for all other components of the policy to be in writing. Contracts must contain (i) offer (ii) acceptance (iii) consideration (iv) capacity (v) legality or lawfulness. Contracts are binding on persons who have the ability to enter into them. When parties enter into a contract, each party gives something called "consideration". What each party gives in return is called "consideration". It is important for parties to be able to prove the existence of a contract. The general rule is that a contract must be in writing, but there are exceptions to this rule. In order for a contract to be binding on a party it is essential that they have capacity and sufficient knowledge. The CLC Act provides protection against innocents who may suffer sudden loss of something which they had no proportionate fault in bringing about. In such cases, where one person suffers damage from the negligent acts of another, courts will make an order for compensation or damages to be paid by the defendant (the person who was at fault) to the innocent victim of the wrongful act. cfa1e77820