The Indian Contract Act, 1872, is a fundamental piece of legislation governing contracts in India. Enacted on September 25, 1872, it establishes the legal framework for the formation and performance of contracts. The Act defines key elements of a valid contract, including offer, acceptance, consideration, capacity, and legality. It covers various types of contracts and outlines circumstances that render a contract void or voidable. The Act remains a cornerstone in regulating contractual relationships in India, adapting to societal and economic changes through amendments over the years.
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