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This book x-rays the importance of a truly and legally binding agreement in commercial transactions that would ultimately crystallize into an agreement that the law would recognize and enforce or see as affecting the legal rights and liabilities of parties. It discusses statutes on the various commercial transactions in Nigeria including recent case laws. The law of contract is an integral part of the rules governing commercial transactions and relationships. The law only recognizes and enforces agreements which, upon their formation, exhibit certain essential characteristics - the building blocks' of a contract. Other underlying presumptions are not contracts at all, but merely social agreements. The principles surrounding contract formation include intention, offer and acceptance, consideration, capacity and intention to create legal relations. These are factors that are fundamental to the formation of a contract. The book is intended to serve as a rich material for law and commercially-related students offering the course, legal practitioners and other stakeholders.