Dear Business owner, pay attention to the terms of your contract to avoid void and voidable contracts.
Where parties enter into a contract under a misconception about material facts, such a contract is void or voidable for mistake.
A void contract has no effect whatsoever e.g. a contract to carry out an illegal act while a voidable agreement is one that is valid until annulled e.g. When parties enter a contract for the supply of 100 tons of baking flour but the supplier mistakenly delivers 30 tons, the buyer may choose to collect the 30 tons thereby ratifying the contract or choose to reject the 30 tons, thereby setting it aside.
To chat with a lawyer or if you have questions on your business contracts, feel free to send a DM or mail us at Legalnaija@gmail.com
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