<p><strong> FABIYI JCA (Delivering the Lead Judgment): </strong> This is an appeal against the judgment of Yerima J while sitting at the High Court of Justice in Ibadan, Oyo State of Nigeria on 28th May, 2003.</p><p>At the lower court, the appellant as plaintiff, claimed against the respondent, as defendant thus: </p><p>“(1) A declaration that by the terms of the memorandum of understanding dated 04/02/1999 entered into by the plaintiff and the defendant at SW9/1406 Ring road, Ibadan and executed by the plaintiff and the defendant at the plaintiff’s office in Ibadan, the plaintiff is neither indebted to the defendant in the sum of N500,000.00 (five hundred thousand naira) or indeed any sum at all, nor liable to refund the sum of N500,000.00 (five hundred thousand naira) to the defendant nor indeed any sum at all. </p><p>(2) The sum of N1,000,000.00 (one million naira) being general damages for breach of the aforesaid memorandum of understanding by the defendant on 30/04/1999.</p><p> (3) 21% interest on the sum claimed from 01/05/19…</p>