EDWARD AKINLADE V. MICHAEL ADEMOLA AYINDE

UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment): The provenance of this appeal is in the contract for the sale of a property situate at No 1, Oduduwa Street, GRA, Ikeja, Lagos State. The parties agreed on a purchase price of N180million and the Respondent as purchaser paid the sum of N90 million to the Appellant, leaving a balance of N90 million, which it was agreed was to be paid on or before 31st January 2011, failing which the said balance would attract interest at the bank rate. The Respondent did not pay the balance on the due date and the Appellant sold the property to someone else. When the Respondent eventually tendered the balance and the accrued interest thereon, the Appellant refunded the entire amount paid by the Respondent since the property had already been sold.

Piqued by this, the Respondent, contending that the Appellant had breached the contract for the sale of the property, instituted proceedings at the High Court of Lagos State in SUIT NO. ID/557/…