Introduction to Contract Law and Nigerian Legal System

True (A)

Formal

<p>material</p> Signup and view all the answers

<p>Formal Source = Gives validity to the law Material Source = Origin of the substance of the law Historical Source = Writings of legal scholars Authoritative Source = Source of legal authority referenced in court</p> Signup and view all the answers

<p>A point of origin for law (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Authoritative</p> Signup and view all the answers

<p>The contents of the legislation (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Formal Autochthony and Substantive Autochthony</p> Signup and view all the answers

<p>contract</p> Signup and view all the answers

<p>The origin of legal concepts and governmental institutions. (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>The parties are bound by their agreements and the court will not rewrite the contract for them.</p> Signup and view all the answers

<p>Complete performance (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>substantial performance</p> Signup and view all the answers

<p>completed</p> Signup and view all the answers

<p>Quantum Meruit = Payment for what has been done Substantial Performance = Completion of the contract in all but an insignificant part Entire Contract = Requires complete performance for any liability Stage Payments = Payments made at specific milestones of a contract</p> Signup and view all the answers

<p>The legality of the employer's salary deductions. (B)</p> Signup and view all the answers

<p>Quantum Meruit (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>destination</p> Signup and view all the answers

<p>The creditor can sue for the value of the dishonored instrument or revert to the original contract.</p> Signup and view all the answers

<p>time</p> Signup and view all the answers

<p>Miles v. Wakefield = Employee salary deductions upheld Wiluszynski v. Tower Hamlets = Rejecting partial performance is permissible Contract law = Payments may be required in legal tender Dishonored instrument = Creditors can revert to original payment obligations</p> Signup and view all the answers

<p>Work would be deemed voluntary and unpaid. (D)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>legal</p> Signup and view all the answers

<p>Illusory promises or agreements (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Unconscionable bargains</p> Signup and view all the answers

<p>parties</p> Signup and view all the answers

<p>Consideration = A valuable deliberation that ensures a contract is valid Privity of Contract = Contractual obligations owed to the parties involved Bargain = The arrangement of terms for goods and services Vitiating Factors = Conditions that render a contract void or voidable</p> Signup and view all the answers

<p>The right of parties to agree to the terms they choose (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Factors such as illegality, lack of capacity, or absence of consideration</p> Signup and view all the answers

<p>The debt is discharged (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>When the work is completed and the debtor has had a reasonable opportunity to inspect it.</p> Signup and view all the answers

<p>creditor</p> Signup and view all the answers

<p>The debtor must authorize the payment (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Business decisions, disputes, profits and losses, contracts and ownership changes, and termination of the partnership.</p> Signup and view all the answers

<p>Debtor = The party that owes money Creditor = The party to whom money is owed Partnership = An agreement between two or more parties Dissolution = Ending of a partnership</p> Signup and view all the answers

The origin and authority supporting legislation and judicial decisions; the point of origin for legal analysis.

The source that gives validity to a law; what makes the law valid.

The origin of the substance of the law; where the law's substance comes from.

Sources of law that come from past events or writings.

Sources of law that provide legal rules and guidance.

Sources of law that must be followed by judges and have legal power.

The framework of laws, courts, and governing bodies in Nigeria.

Rules for agreements between parties that create legal obligations.

Law whose validity comes from the country itself, not a foreign legislature.

The source of a law's authority, like the government or court that creates it.

The content of the law, for example, the structure of government.

Origins of legal concepts/ideas, institutions that make rules, and published expressions of law.

General principles of fairness and justice, distinct from a specific legal system.

The ability of individuals to make agreements without government interference, within legal limits.

An agreement between parties for an exchange of promises or performances.

A bargain may not be a contract due to insufficient consideration or illegality.

Something of value exchanged between parties to a contract, which can be a benefit to one party or a detriment to the other. This is essential for a contract to be legally binding.

A situation where one party in a contract has significantly more power or influence than the other, potentially leading to unfair terms.

A contract that is so unfair or oppressive that it shocks the conscience of the court, making it potentially unenforceable.

The process of creating a legally binding agreement, which involves offer, acceptance, consideration, and intention to create legal relations.

The legal principle limiting contractual obligations to only the parties who signed the contract, excluding any outsiders.

The process of interpreting the terms of a contract to determine the legal obligations of each party.

Conditions that can make a contract void or voidable, such as mistake, misrepresentation, duress, undue influence, and illegality.

A contract where full performance by one party is a condition for the other party's obligation to perform (e.g., payment).

A landmark case where a seaman died before completing a voyage, showing that no payment was due for partial work in an entire contract.

When only part of the contract is completed, typically leading to no payment unless the contract allows for it or substantial performance is found.

Completing a contract with minor defects, allowing for payment minus the cost of the incomplete work.

Payment based on the reasonable value of services already performed, even if the contract is incomplete.

Payments made at different stages of a project, allowing for partial payment even before completion.

Payment for the transportation of goods, often payable regardless of delivery in shipping contracts.

Documents that outline the terms of shipping, often including provisions for freight payment regardless of cargo loss.

A legal case where an employee refused to perform certain tasks (marriage ceremonies on Saturdays) and the employer deducted pay for the unperformed work. The court ruled in favor of the employer.

Similar to Miles, but the employer rejected the employee's 'part performance' entirely, refusing to pay for any work done, and the court upheld this decision.

A contract where performance can be broken down into separate parts, and each part can be considered a separate contract.

The officially recognized form of currency accepted for payment of debt.

A document that represents a promise to pay, like a check or bill of exchange.

A negotiable instrument that is not paid when presented due to insufficient funds or other reasons.

When a third party makes payment for a debt, it only discharges the debt if they are acting as the debtor's authorized agent or if the creditor specifically requested payment to that third party.

The time for payment is determined by the contract. If not explicitly stated, it's when the work is completed, and the debtor has had a reasonable opportunity to inspect it.

Money payable on demand must be ready and handed over immediately when requested.

Unless stated otherwise in the contract, payment is due at the creditor's place of business or residence. The debtor is responsible for finding the creditor.

Payment can be proven in various ways. A receipt serves as initial evidence, but other forms of proof may be used as well.

A business partnership is formed when two or more people agree to own and operate a business together. It's a formal agreement that outlines responsibilities, profit sharing, and how the partnership operates.

A written document that outlines the terms of a business partnership, covering important aspects like decision-making, profit and loss sharing, ownership changes, and dissolving the partnership.

The process of ending a business partnership. It involves fulfilling obligations, dividing assets, and formally dissolving the legal entity.