CORAM
CHIMA CENTUS MWEZE
OKAY ACHIKE JUSTICE, SUPREME COURT
IRIKEFE, JUSTICE, SUPREME COURT
PARTIES
AFRICAN CONTINENTAL SEAWAYS LTD
APPELLANTS
NIGERIAN DREDGING ROADS AND GENERAL WORKS LIMITED
RESPONDENTS
AREA(S) OF LAW
LAW OF CONTRACT-OFFER&ACCEPTANCE/ COMPANY LAW
SUMMARY OF FACTS
The appellants offered to purchase shares in the respondents company which the respondent accepted. The respondent refused the mode of payment and refused to grant the appellants shares in the company holding that there was no subsisting contract.
HELD
The court held that there was a valid and subsisting agreement between the appellants and the respondents, whereby the appellants are entitled to purchase shares in the respondents company.
ISSUES
Not Available
RATIONES DECIDENDI
COURTS ARE BOUND BY PLEADINGS
“We should like to emphasize here again the need, for all courts of trial to limit themselves severely to the issues raised by the parties in their pleadings and no more. To do otherwise, might well result in a denial of justice to one or the other of the two contesting parties” PER IRIKEFE JSC
SPECIFIC PERFORMANCE FOR SALE OF SHARES
“It is trite law that a contract for the sale of shares not readily available in the market such as government stock may be enforced by an order of specific performance” PER IRIKEFE JSC
CASES CITED
1. KALIO& ORS V. KALIO (1975) 2 SC 15
2. ODESSA TRANSWAYS CO. V. MENDEL (1878)8 CH.D 235
3. SRI LANKA OMNIBUS CO. LTD V. PERERA (1952) AC 76
4. DUNCUFT V. ALBRECHT (1841) SIMONS REPORT CHANCERY,VOL.1-17 (1826-1852)
5. HYDE V. WRENCH (1840)3 BEAR 334
6. BRANCO V. COBARRO (1947) 2 ALL E.R 101
7. NIPC LTD & ANOR V. BANK OF WEST AFRICA (1962)1 ANLR (PT 4) 559
8. NIPC LTD & ANOR V. THOMPSON ORGANISATION & ORS (1909) 1 ANLR 138
9. GEORGE &ORS V.DOMINION FLOUR MILLS LTD (1963) ANLR 71
10. METALIMPEX V.A.G LEVENTIS &CO LTD (1976)2 SC 19
STATUTES REFERRED TO
Not Available