Legal Nuggets (79): Parties are Bound By the Terms of the Contract.- By Adedotun Habeeb Adetunji, LL.M (M.IoD), FCAI

In the case of Arjay Ltd v. AMS Ltd (2003) LPELR – 55 SC, the apex court said:

“It is elementary law that where parties have entered into a contract or an agreement, they are bound by the provisions of the contract or agreement. This is because a party cannot ordinarily resile from a contract or agreement just because he later found that the conditions of the contract or agreement are not favourable to him. This is the whole essence of the doctrine of sanctity of contract or agreement. The court is bound to construe the terms only in the event of an action arising therefrom… Oduye v. Nigeria Airways Ltd (1987) 2 NWLR (Pt. 55) 126.” MASCOT O. OKORONKWO V. CHIMA ORJI (2019) E-C.A.R. - 748