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Objective and Importance of Indian Contract Act

Contracts have become an indispensable part of our life. Whether we know it or we don’t, we enter into a contract at every second of our lives. When we purchase vegetables in the morning or go to watch a movie in the evening, we enter into a contract. When we purchase some goods form market, we enter into ‘The contract of sale of goods”. In the same way, when we leave our vehicle at a workshop for repair, we enter into ‘The contract of Bailment’ etc.
Considering the frequency with which a contract is entered into, it is ideal that we know about the facts, features, types, specifications and essential elements of a contract.
Each contract creates some rights and duties upon the contracting parties. The Indian Contract Act deals with the enforcement of these rights and duties on the contracting parties. The objective of the Contract Act is to ensure that the rights and obligations arising out of a contract are honoured and that legal remedies are made available to an aggrieved party against the guilty party.

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