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BUSINESS CONTRACT DRAFTING AND ENFORCEMENT IN NIGERIA – 2026 GUIDE

A contract is an agreement which the law will enforce or recognise as affecting the legal rights and obligations of the parties involved. The court in Orient Bank (Nig.) Ltd v Bilante Int’l Ltd (1997) 8 NWLR (PT 515) 87 defined contract as an agreement between two or more parties which creates reciprocal legal obligation(s) to do or not to do a particular thing. For a valid contract to be formed, there must be mutuality of purpose and intention. The two or more minds must meet at the same point. They must be saying the same thing at the same time. The meeting of the minds of the contracting parties is the most crucial and overriding factor or determinant in the law of contract. A properly drafted contract plays a vital role in both personal and commercial relationships. It helps to prevent disputes by ensuring clarity of terms, reduces business risks by anticipating potential issues, and provides an enforceable framework when obligations are breached.

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