UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Lagos State delivered on the 28th day of March, 2012 by Hon. Justice
L. B. Lawal-Akapo.
The facts briefly stated are as follows:
By a letter dated the 16th day of October, 2009, the Respondent entered into a debt recovery agreement with the Appellant wherein, the Appellant engaged the services of the Respondent to recover debts owed by some of the Appellant's defaulting customers. It is important at this stage to reproduce the said letter or otherwise the terms of the agreement thus:
"4.12 RE: BRIEFS TO RECOVER FUNDS ON SOME ACCOUNTS
We refer to your letter of October 8, 2009 on the above subject.
Please be advised that we have carefully reviewed your position on the accounts and have consequently decided to:
(i) Increase the professional fees to 7% of actual recovery.
(ii) Give you the authority to take the matter to Court and get them determined within six months fro…