Legal Guide: Terminating Commercial Contracts in Nigeria
The article delves into the legal intricacies of terminating commercial contracts in Nigeria. It highlights the importance of knowing when and how to end a contract to avoid serious liabilities.
Nigerian law acknowledges four main ways a contract may be terminated: through performance, express agreement, breach or repudiation, and frustration of the operation of law. The Supreme Court case of Adedeji v Obajimi in 2018 is referenced to emphasize the legal consequences of wrongful termination.
Properly terminating a contract involves fulfilling obligations, mutual agreement, or legal protection against future breaches. Understanding these legal principles is essential for businesses in Nigeria.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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