International Journal of Research and Innovation in Social Science (IJRISS) | Volume V, Issue XI, November 2021 | ISSN 2454–6186

A Comparative Legal Analysis of Elements of Contract of Sale Under the Laws Regulating Contract of Sale in Nigeria, South Africa and United States

Michael Sunday Afolayan, PhD¹ and Adejumoke Olusola Kumapayi^2
1Senior Lecturer, Business & Industrial Law Department, Faculty of Law, Ekiti State University, Ado-Ekiti, Nigeria.
²LL.M Research Student, Faculty of Law, Ekiti State University, Ado-Ekiti, Nigeria.

Abstract: This seminar paper focused on the comparative legal analysis of elements of contract of sale under the laws regulating contract of sale in Nigeria, South Africa and United States. It examined the various laws regulating elements of contract of sale in the three jurisdictions mentioned above looking at the similarities and differences in their statutory provisions. The research methodology adopted is doctrinal approach. The Primary and Secondary sources of materials were consulted in the writing of the work. Primary sources such as law reports, case laws, statutes etc. and secondary sources such as law textbooks, journals etc. This work finds out that there is similarity in the essential elements of a contract of sale in the three jurisdictions but there are slight differences in their practices. The work also found out that the law regulating contract of sale in Nigeria is obsolete and archaic and therefore needs to be amended to suite the current practices of modern-day commercial transactions. It is important that our laws be reviewed from time to time to incorporate changes that occur day in day out in our societies. This work advocates for timely review of laws governing contract of sale and commercial transactions in Nigeria.

I. INTRODUCTION

Buying and selling is a major activity in human life. Man cannot fully exist without having the necessary essentials needed to keep him living in this world. Buying and selling has been in existence with human race from time immemorial. The exchange of one thing for another which is usually termed trade by barter can also fall under the category of commercial transaction (buying and selling). Under trade by barter, a good is usually exchanged in consideration for another good. This good used in exchange for another good can be termed as the price paid for the value of the good to be taken in return. However, with the use of currencies, the idea of exchanging a good for another becomes obsolete as one could easily pay for what he wants with the use of currency or legal tender.
In Nigeria, prior to the reception of the Sale of Goods Act 1893, customary law applies to customary sales as it applies to other customary commercial transactions. The law of sale of goods in Nigeria is principally governed by the Sale of Goods Act, 1893, an English Law adopted in Nigeria long before political independence as one of the statutes of general application in the country. As it is with a number of other statutes of general application, this statute has become