Descriptive Analysis On Indian Contract Act

The Indian Contract Act of 1872 came into force on September 1 of 1872. This act is the backbone of the corporate world, and contracts are being used by every citizen in day-to-day life. It’s one of the oldest laws prevailing today and was enacted during the colonized period. It’s divided into two parts, which are general contracts and specific contracts. Before the amendment, partnership was also included, and after, it was enacted as a separate act by parliament. This article gives a short review of the Indian Contract Act, and it’s divided into general and specific contracts. It discusses essential elements of a valid contract and how these essentials are used in the corporate world with relevant case laws. It also explains situations when any one or more of the essentials in the contract is absent and a minor enters into a contract, etc. The Indian Contract Act is wider in nature. KEY WORD: Contract, void, voidable, null and void, minor, unsound, ratification.