Overview of the Indian Contract Act, 1872

The Indian Contract Act, 1872, enacted on April 25, 1872, and effective from September 1, 1872, is a cornerstone of Indian contract law, applicable nationwide (except Jammu and Kashmir for certain purposes). It codifies rules for valid contracts, originally with 266 sections, some later repealed for separate laws (e.g., Sale of Goods Act, 1930).

Key Provisions

Definitions and Essentials (Sections 2-10): A contract is an enforceable agreement (Section 2(h)), requiring offer, acceptance, consideration, lawful object, and competent parties (Section 10). Communication rules are in Sections 3-9.
Competency (Sections 11-12): Only adults (18+), of sound mind, and not disqualified can contract. Minors’ contracts are void (Mohori Bibee v. Dharmodas Ghose, 1903).
Free Consent (Sections 14-22): Consent must be free from coercion, undue influence, fraud, misrepresentation, or mistake, else contracts are voidable or void.
Legality and Void Agreements (Sections 23-30): Unlawful or restrictive agreements (e.g., wagering, trade restraints) are void, with exceptions like arbitration (Section 28).
Contingent Contracts (Sections 31-36): Depend on uncertain events, enforceable when conditions are met.
Performance, Discharge, and Remedies (Sections 37-75): Cover obligations, breach, and remedies like damages or specific performance.

Significance

The Act ensures commercial certainty, protects vulnerable parties, and adapts via judicial rulings (Bhagwandas v. Girdharilal, 1966) and amendments (e.g., Section 28, 1997). It remains vital for legal studies and transactions.