In our day to day existence, we encounter various forms of agreements, promises, bargains, discussions and negotiations without inkling whether some or any of these activities have any effect and/or binding obligation in law. Developments and benefits of globalization demands that a legal regulation should be formulated to govern those agreements that humans enter into, hence the development of the law of contract. The law of contract forms an essential part of the Nigerian Legal System. It constitutes a major part of our day to day lives. Employee-employer relationship, your status as a student, holiday preparations with a travel agent, clothes dropped at ABUAD laundry, mention any instance- these all constitutes contractual elements which we take for granted most times.
This course is thus an introductory course to the law of contract. It takes the students through the basic rudiments of an agreement. Such concepts include Nature of Contract: Sources of law, concept of bargain, classification. Formation of Contract: Offer and Acceptance, Consideration, intention to create legal relations. Contents of contract: Terms. Representations, excluding and limiting terms and fundamental breach of terms. Capacity; infants, illiterates, corporations, metal patients and drunken persons. Students will be involved in the principles governing formation of contract namely, intention, offer and acceptance, consideration, capacity and illegality. Other areas you will be exposed to include the distinction between void, voidable and unenforceable contracts. The terms of a contract, will be discussed both implied and express - exclusion, or exemption clauses, in which a party attempts to limit its liability in the event of a breach of its obligations. You will be exposed to the differences between conditions and warranties and the respective remedies to which a party may be entitled in the event of a breach.