Indian Contract Act 1872

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The Indian Contract Act is one of the oldest mercantile laws of our country. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some rights and duties on the contracting parties.

OBJECTIVES OF INDIAN CONTRACT ACT 1872

It was enacted mainly with a view to ensure reasonable fulfillment of expectation created by the promises of the parties and also enforcement of obligations prescribed by an agreement between the parties.

ESSENTIALS OF VALID CONTRACT

Contracts = Agreement + Enforceability by law

Agreement = (Offer/Proposal) + Acceptance = Promise + Consideration

Contract Act is one of the central laws that regulate and oversee all the business wherever there is a case of a deal or an agreement.

Indian Contract Act 1872 came into effect on the 1st of September 1872. Containing a total of 266 sections it is the principal law regulating contracts in India.

Let us know some important aspects related to it further.

References:
https://www.toppr.com/guides/business-laws/indian-contract-act-1872-part-i/
https://indianjudiciarynotes.com/notes/contract-law/indian-contract-act-1872/