OGUNTADE, J.S.C. (Delivering the Leading Judgment): The appellant, a Romanian company was the plaintiff at the Lagos High Court. It had on 14/11/79 issued its writ of summons against three defendants claiming for the following:-
"The plaintiff's claim against the defendants jointly and/or severally is for the sum of N1, 089,743.50 (US.$1,700,000.00) being the balance (plus interest) of the price of motor vehicles, spare parts and machinery (hereinafter called 'The goods') sold and delivered by the plaintiff in Lagos to Continental Motors and Engineering Company Limited now under the Management and Receivership of Mr. Basil Adenrele Adu liquidator (hereinafter called 'the 1st defendant') which said goods were by an agreement between the 1st defendant and the 2nd defendant transferred to the 2nd defendant for reward, the payment of which said sum of N1,089,743.50 (U.S$1,700,000) having been guaranteed by the 3rd defendant by virtue of a memorandum in writing dated the 20th May, 1975 bee…