LAW OF CONTRACT

Basic requirements for a binding contract are:

1. A seller will make an Offer of his property or land and a buyer will accept.
2. Consideration – there will be a transfer of money for the property or land from the buyer to the seller.
3. Capacity to contract – the buyer and seller must be in a legal ability to enter into a contract. For instance, they must have a sound mind.
4. Terms of contract must be certain, complete and free from doubt from the buyer and the seller.
5. There must be the intention to create a legal relationship.
6. It must not be for illegal or immoral purposes.
7. It must not have been entered into under duress or misrepresentation.

There are legal remedies available to the buyer and the seller for breach of contract (which means, failing to carry out the terms of the contract).

They include:

1. Seek damages which can be financial compensation.
2. Seek an order for specific performance. It requires the terms to be carried out.
3. Seek an injunction. It prevents someone from doing something.




Mrs. Olubola Adeleye
ADORN HOMES LTD
Suite 105 Pearl Plaza
KM 24 Lekki Epe Expressway
After Doren Hospital
Ajah
Lagos State

T: 07065221108 or 07041374302 OR 08078338263
E: adornhomes@yahoo.com
W: www.adornhomes.com