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Ays. They are futuristic in character although enforceable. The form of contract is that in which performance is actualized at the same moment of time. Even if there is no futuristic element to the promise, there need not be a verbal exchange of words at all for it to be entered into and concluded. * Nkiru J. Obumneme-Okafor; LL. B (HONS), LL.M, Ph. D, BL, Lecturer: Faculty of Law, Anambra State University, Uli , Igbariam Campus, Anambra State. 1 I.E. Sagay, Nigerian Law of Contract, Spectrum L.

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To create a valid contract in Nigeria, it is essential to adhere to a set of fundamental elements: Offer and Acceptance: ... Intention to Create Legal Relations: ... Consideration: ... Legal Capacity: ... Legality of Purpose: ... Certainty and Possibility of Performance:

Both parties must unequivocally intend for the contract to be legally binding. While certain agreements, such as social promises, may be made informally, those formed in a business context must exhibit a clear intent to create legal relations. This intent transforms a mere promise into a legally enforceable contract.

Frustration of contract is a defence available to a defendant who would otherwise be liable for breach of contract for non- performance of contractual obligations but for the occurrence of a fundamental event that makes it impracticable or impossible to perform the contract.

Contracts regarded as illegal at common law include the following. A contract to commit a crime, a tort or a fraud. A contract prejudicial to the status of marriage. A contract prejudicial to public safety.

Common examples of illegal contracts include: Contracts for the sale or distribution of controlled substances, such as drugs or drug paraphernalia; Agreements made for illegal activities, such as prostitution or gambling; and. Employment contracts that permit hiring underage workers.

Another example of a void contract would be if it involves illegal substances. Suppose Party A and Party B are entering into a dealership agreement that involves drugs or narcotic substances. This contract will be null or void as it involves illegal substances; therefore, there will be no legal enforcement.

A contract may be described as a legally binding agreement between two parties which affects the legal rights and duties of both parties, and would therefore be enforced by a court of law.

A void agreement is one that is not legally binding because it goes against a law or public policy. An illegal agreement is one that involves illegal activities or is in violation of a law. The two terms are not mutually exclusive, as an agreement can be both void and illegal.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232