<p><strong>M. L. UWAIS, J.S.C. (Delivering the leading : ):</strong> In this case the respondent took out a writ of summons in the High Court of Lagos State claiming, as per his statement of claim, against the appellant as follows-</p><p> &quot;(1) The sum of N106,400.00 due, owing and payable to the plaintiff as his entitlement of the net profit of the import business transaction pursuant to a contract entered into between the plaintiff and the defendant on Friday the 28th day of December, 1984.</p><p> (2) The sum of N393,600.00 being general damages for breach of the said contract by the defendant, on the facts above stated.&quot;</p><p> The facts which led to the institution of the suit are as follows. On the 22nd of October. 1984, the respondent was issued a licence which permitted him to import sardine worth N100,000.00. At the time of the issuance of the import licence, the respondent lacked the money with which to buy the sardine abroad. He therefore thought of approaching his friends and business colleagues for financial…</p>