Introduction :-
a) The law of contract is the most important branch of
Mercantile Law. Without such a law it would be difficult, if not impossible, to
carry on any trade or
business in a smooth manner. The law of contract is
applicable not only to business but also to all day-to-day personal dealings.
b) Indian Contract Act 1872 Branch of Private Law law is
differenet from other other Branches of law.
c) Contract Act is one of the most important central laws
that regulates and oversees all the business whereever a deal or an agreement
is to be reached at without Contract Act, it would have been difficult to carry
on trade or any other Business Activity.
d) In case, a particular matter is not covered by any section
of the Contract Act or by anyother law in f orce in India, the courts may
follow the principles of English Common Law, provided they are not inconsistent
with Indian conditions and circumstances.
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