Reconciling The Dilemma Posed by Third-Party's Information on Revocation of An Offer on The Offeror and Offeree Under the Nigerian Contract Law

Abstract

Contract as a branch of law that consists of obligations that are self-imposed, a party cannot be held liable unless he violates the terms, he agreed to bind him. In fact, for a contract to exist, there must be a party making a proposal and if such proposition is accepted, give rise to a binding contract. However, there are some situations where this proposition can be retracted by the person making it. This demonstrates these rights and freedoms that are inherent in contractual agreements, hence, a person making an offer may wish at a point to withdraw the offer; besides, this would be unfair if the offeror having made an offer was bound to wait for an indefinite period of time before the offer was accepted. Particularly, in business arrangements, the offeror must have the opportunity to move on and find another person in order to sell his goods or services. To this end, it is possible to withdraw or revoke an offer if certain requirements are met. This study is set to expose these requirements and provide for justification of third party’s place in revocation of offer by both parties.