Importance of contract act 1872 in the present context?

Answer 1

Importance of the contract act is not now limited only to a particular field. but if we see in the present era of globalization, liberalization and industrialization every organisation, institute, company, government concerns, private businessman all are engaged in a direct or indirect manner. apart from private business man with his concern with other business man he have to enter into many other contracts for the same business like carriage, insurance of business and goods, purchase and sale of machinery, contracts with emlpoyers and employees in his concern and many other emplied contracts. in educational institutes an institute enters into contract with their students, faculty, trasportation, mess, hostel concerns, construction etc, loans from banks, etc. in international era in respect of international business and IPR like licensing of copyright, patent, royality fees etc all are the contracts.

Actually if we say in a literal contrast about the contracts in the present times, contract is entered into b/w the two bodies (person, organisation, institute etc) to secure their interest, money, liablility in a contractual obligation. So, the scope of the contract can never end but it will go on expanding with the passage of time.

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