THE EMERGING NEED FOR REVISION OF THE CONTRACT LAW
AUTHOR- KASHISH KHANNA, STUDENT AT IILM UNIVERSITY, GURUGRAM, HARYANA
Best Citation – KASHISH KHANNA, THE EMERGING NEED FOR REVISION OF THE CONTRACT LAW, ILE CONTRACT LAW REVIEW (ILE CLR), 1 (1) of 2023, Pg. 8-13, APIS – 3920 – 0030 | ISBN – 978-81-961791-2-0.
Abstract
Contract law has been referred to as the law of laws because it has had an inseparable role in various other legislations as well. It aids the coming up of acts like; The Indian Partnership Act and The Sale of Goods Act etc. The laws governing contracts in India (apart from the state of Jammu and Kashmir) (since removed) are governed by the Indian Contract Act of 1872, enacted on 25th of April and came into existence and force since 1st September of the same year, which was founded on the ideas of English Common Law. The main legislation that governs and supervises the enterprises undertaken through such arrangements deals with the framing and approval of contracts or agreements. Contracts and agreements are though not used interchangeably but agreements give rise to contracts. The Act’s framework is discussed in this article.[1] It is a detailed manual that controls agreements and contracts in India. The legislation, which was passed to establish a basis for contract law, has undergone numerous revisions throughout time to reflect shifting economic realities.[2] The act is very crucial in the Indian society. Although it has some loopholes which need national level recognition and attention so that these issues are resolved. People are free to formalize and define their relationships however they see fit thanks to Indian contract law. [3]
Keywords: Contracts, Detailed Manual, Controls, Enterprises, Loopholes, Recognition, Legislation.
[1] Indian Contract Act, India Fillings, https://www.indiafilings.com/learn/indian-contract-act/Last Accessed on 10th June 2023 – 3:00 PM.
[2] A Comprehensive Guide, Indian Contract Act, https://unacademy.com/content/ca-foundation/study-material/business-correspondence/the-indian-contract-act-1872-a-comprehensive-guide/ Last Accessed on 10th June 2023 – 3:10 PM.
[3] Introduction to Contract Law, Up grad, https://www.upgrad.com/blog/introduction-to-contract-law/ Last Accessed on 10th June 2023 – 3:30 PM.