With your knowledge of Contract Laws, and with the aid of decided cases, analyze the issues raised for both parties and the remedies available to them if any? Mr. Paul informed his friends that he had a fridge for sale and asked if anyone was interested in buying. He offered to sell the Fridge for N60, 000.00. Mr. Akin said he was interested. Upon getting home, he calls Mr. Paul and offers him the sum of N45, 000.00. Mr. Paul refuses and says the least amount of money he can accept is the sum of N55, 000.00.
Mr. Akin responds via a text that he will pay the sum of N55, 000.00. He sends the money to Mr. Paul’s account and requests that Mr. Paul deliver the Fridge to his house the next day. Mr. Paul delivers the Fridge and on arrival at his house, Mr. Akin finds that there are some damages on the Fridge door and at that point he tells Mr. Paul that he will pay only N50, 000.00 and wants the sum of N5, 000.00 back. Mr. Paul refuses to give Mr. Akin the money and tells Mr. Akin that he cannot return the Fridge as the agreement had been sealed at the point where Mr. Akin paid the money into his account.