LAW: THE LAW OF CONTRACT; What is Contract?

LAW
THE LAW OF CONTRACT;
.
What is Contract?

Contract is the agreement which the law will enforce and recognise as affecting the legal rights and duties of the parties involved. According to Prof. Trietel, contract may be defined as a promise or set of promises which the law will enforce.
Justice Tobi of the Court of Appeal also defined contract as an agreement between two or more parties which creates reciprocal legal obligation to do or not to do particular things.
It should be noted that social or domestic agreements are not enforced by law because of lack of consideration. Also, contract cannot involve more than two parties. Where there are more than two parties, it is either groups of parties belong to one side or there is more than one contract e.g the contract of guarantee where three parties are involved ( lender, debtor and guarantor) and there is more than one contract - contract between the lender and the guarantor and contract between the lender and the debtor whose debt is being guaranteed.