CONTRACT LAW — Offer and Acceptance — Acceptance Must Conform with Terms of Offer — Time as Essence
Principle Statement
If time is made the essence of an agreement and the time frame is not met, the offeror will not be held to a contract. An offer may only be accepted in the manner and terms attached to the offer.
Ratio Decidendi (Source)
Per Oguntade, JSC, in M.O. Kanu, Sons & Company Limited v. First Bank of Nigeria Plc (2006) NLC-123-349-2001(SC) at p. 12; Paras A–B.
"It is settled law that if time is made the essence of an agreement and the time frame is not met by performance or acceptance within the time stipulated, the offeror will not be held to a contract. Further, an offer may only be accepted in the manner and terms attached to the offer. See College of Medicine v. Adegbite [1973] 5 SC. 149."
Explanation / Scope
Acceptance must conform to offer terms; time stipulations must be met. The principle applies to contract law.
