AN APPRAISAL OF VOID AND VOIDABLE CONTRACTS UNDER NIGERIAN LAW
Journal Title: Educational Research International - Year 2018, Vol 7, Issue 1
Abstract
An appraisal of void and voidable contracts discusses void and voidable contracts under the following sub-heads: contract void at common law which includes contracts to oust the Jurisdiction of the courts, contracts that are sexually immoral and contracts in restraint of trade. It also discusses consequences of void contracts which include contracts not void in toto, contracts void in toto, money paid or property transferred by one party to the other and the fact that subsequent transactions are not necessarily void. Lawful promises may also be severable and enforceable. It is necessary to note that there is generally, no basic difference between the classification of contracts under the Nigerian and English laws. However, local differences of approaches to and interpretation of legal situations are reflected in Nigerian law which is more concerned with commercial activities. Because not all contractual agreements are enforceable at law, the need arises for the classifications of contracts so as to enable the courts and parties know when a breach is enforceable against the party in breach or at the wrong or not. Basically at common law, contracts are classified into formal contracts or contracts under seal and simple or parol contracts. The modern classification of contracts apart from these two also include express and implied contracts, executed and executory contracts as well as classification based on the legal effects, such as when contracts are said to be either illegal, void, voidable or enforceable. Void contracts are contracts which have not been expressly prohibited but which do not give rise to any rights whatsoever. Contracts are either void because they fail to conform to the requirements of the law or a contract may be declared void by law or statute. A voidable contract on the other hand is one which is valid from beginning and binding on the parties but for some obvious reasons which may be either one of misrepresentation, duress, mistake or any other vitiating element it is rendered voidable at the option of one of the parties who rescinds the contract.
Authors and Affiliations
Catherine Hembadoon Abo
Keywords
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