Tuesday, March 24, 2015
Parties are bound by the contract they voluntarily entered into and cannot act outside the terms and conditions contained in the contract and neither of the parties to a contract can alter or read into a written agreement a term which is not embodied in it.
A court must treat as sacrosanct the terms of an agreement freely entered into by the parties as parties to a contract enjoy their freedom to contract on their own terms so long as same is lawful. The terms of a contract between parties are clothed with some degree of sanctity and if any question should arise with regard to the contract, the terms in any document which constitute the contract are the invariable guide to its intrepretation.
A.I.B. Ltd v. I.D.S Ltd (2012) 17 NWLR (Pt.1328) 1; Lagos State Govt. v. Toluwase (2013) 1 NWLR (Pt.1336) 555
Omega Bank (Nig) Plc v O.B.C ltd (2005) 8NWLR (Pt. 928) 547;
BFI Group Corp v. B.P.E (2012) 18 NWLR (Pt.1332) 209
Dapsan v. Mangu LGC (2013) 2NWLR (Pt.1338) 203
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