Abstract
Just as with most legal principles, the dominant influence of Roman law and English Common Law are almost inevitable. The traditional disparity between the capabilities of such concepts as ‘assignment’ and ‘novation’ with respect to transferring both sides of a legal relationship - burden and benefit - did not abate with the intricate contract matrix that came to greet the discovery of oil. Stakeholders in various jurisdictions have discovered, to their amazement, that the risks inherent in the oil business do not deter a hard line approach by the courts in holding as immaterial their ideals for engaging in a corporative petroleum operation by way of a Joint Operating Agreement (JOA), hence the aching problem: how do I cease from being continually liable for post-assignment obligations even years after I have alienated my interests? By adopting an analytical and comparative methodology, we have examined the impetus with which the concepts operate under common law with particular emphasis on post-assignment liabilities and thereafter showed what the current legal situation in Nigeria under the relevant JOA is and how it has rendered ineffective the common law dichotomy.
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