It is settled law that in an action for breach of contract in which claim for specific performance is made, there must be a valid, solid and existing and enforceable contract. The contract and the terms must be unequivocal and not based on the realm of conjecture. Similarly, the parties to the contract must have understood one another that they were entering a binding contract. Also, a party seeking to enforce a contract must show that all the conditions precedent have been fulfilled and that he has either performed, or is ready to perform all the terms which ought to have been performed by him. Again, where time is of essence or a condition precedent expressly or impliedly stated, and he is guilty of delay in performing his own part of the agreement, then such delay could count against him and might bar his claim for specific performance.
– Sanusi JCA. Enejo v. Nasir (2006)