The Indian Contract Act, 1872, is a fundamental legislation governing contracts in India. It defines the essentials of a valid contract, including offer, acceptance, consideration, and the capacity of parties. The act also details different types of contracts, such as contracts of guarantee and indemnity. It outlines the circumstances under which agreements become void, voidable, or unenforceable. The act upholds the principles of freedom of contract, legality, and enforceability, while also allowing for exceptions and remedies in case of breaches. It plays a crucial role in regulating commercial and civil transactions, providing a legal framework for contractual relationships in India.
