Thread by @Victornkemjika

Agreement's must be Signed a bitter lesson for All :

Let me tell you all, True life story which I'm handling right now, So Mr A of Adidi Enterprise (Not company's real name) got a huge contract from one of the big companies to supply them cars, Mr A was so happy, he...

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Prayed and worked hard on getting this contract, and it finally came, since he had not handled such contract, in terms of size, he called his friend of 12 years who has handled much larger car imports, with zero issues from Customs, the friend said he could help, deal was struck

showed him some samples as evidence, some documents, where he can done similar "orders", and get the cars were shipped into the country.
well Mr A , took his friends word on the surface, He gave his friend the lump sum payment the company gave him as initial deposit...

this was to enable him do his job smoothly in furtherance of bringing the car's into the country.
Don't forget they did not sign any agreement well, long story short : Mr A's friend didn't deliver , He brought in only 3 out of the 10 cars, which he was contracted to bring in...

also, All three (3) cars he brought were accident cars, he didn't deliver them to the Mr A, they were in his garage, as he was waiting to spray them and fix them as New!!!
Note: One of the fundamental term in the contract between Mr A and the Company was that, the Cars must not

be accident cars.
Mr A is currently in deep legal mess, he can't get his money back from his so called "Friend", the company is on his trial for enforcement of the contract of supply, as Mr A, has since exceeded the deadline given to him to deliver the Cars to the company...

Mr A is saying it's not his deed that he actually gave the friend the money to help him get the cars,so he could deliver same, his only crime is that he didn't sign any agreement with his friend,His is without a written contract.

Mean while he had to file a petition for fraud

against his friend, after all means to reach him had proved abortive. The friend was apprehended and after much ginger, he gave in and told the IPO his pain: "why would they give the contract to his friend, why wasn't he given the contact" that was his Anger.
He has also filed a

Fundamental Human Right suit against the friend, he is claiming some huge some, said they arrested him illegally and that he right to movement was infringed upon.
Mr A is in a state of quagmire, but one small mistake has ruined his whole business and his hard earned reputation.

Over the course of my work as an advisor for Small and Medium Enterprise and start Up's , one ragging question that keeps popping up is "Are oral Agreement enforceable, can we just write on piece of paper and will it be enforceable? See I no get money for lawyer 🙈🙈🙈🙈

Must we sign an agreement? "
This is an attempt to answer this question:
Generally an agreement which is enforceable by Law is called a contract. When a contract is reduces to writing, the document itself is called an agreement, agreements embraces a large variety of subjects and

are the "The Foundation of all business transactions" or should I say it should be??? , for an enlightened mind..., It is not difficult to draft a simple agreement, but there are certain kinds of Agreements which are of complex nature and require some skill in drafting?, Many...

SME's how ever don't have the fund to hire a lawyer that would help them with drafting contract document's, so they jump to Google take any document they see, amend and then sign, this is good on the surface, at least it is better than nothing...
But do you know even as an SME,

you can get a "smart young lawyer" sign a retainership with him , you pay him yearly a lump sum which wouldn't be too much, and he can draft, review and endorse your documents for you, that way you will avoid pit falls that may cause huge financial loses to you in the future..

(I currently have many such agreements, with some SME's and it's amazing the trouble they have avoided, just with one smart and very affordable biz decision ).
Lastly, even if you and your father is entering into an biz agreement, you guys need to sign
a contract...

if you and your brother is going into a biz, sign an agreement. If you and your friend is going into a biz, please sign an agreement, it may look like a useless peice of document now but when push comes to shove, that document may save your life.

Thanks

#Stilllearning
#OPLegal