THE ROLE OF CONTRACT LAW
AUTHOR – TRISH YADAV, STUDENT, THAKUR RAMNARAYAN COLLEGE OF LAW AFFILIATED TO UNIVERSITY OF MUMBAI, MAHARASHTRA, MUMBAI
BEST CITATION – TRISH YADAV, THE ROLE OF CONTRACT LAW, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 6 (9) OF 2026, PG. 515-521, APIS – 3920 – 0001 & ISSN – 2583-2344.
ABSTRACT:
This paper is about contract law which provides a whole analysis of current application of contract law, focusing on agreements in the modern economic era. Contract law ensures trust, fairness, and responsibility, as well between parties. This paper is about the important elements of a valid contract which is offer, acceptance, and consideration through a comparative analysis of common law principles and statutory frameworks, such as the Indian contract act of 1872. This paper talks about void and voidable agreements and it also deals with damages and breaches. The study evaluates the tension between parties and the increasing use of standard form, (take – it – or – leave – it) contracts that pessimize consumers. The research analysis the enforceability of exclusion clauses.
Contracts need not be complex, commercial deals, but can extend to the most mundane of things we do in everyday lives. Buying and selling goods can be contracts, barter is form of contract, obtaining services involves a contract and so on. Agreements form the building blocks of contracts. In discussing any aspect of the contract you will eventually return to see whether an agreement lies between the parties , whether the agreement is validly entered and whether the agreement is valid and enforceable in law and when such requirements are satisfied what are the consequences of breaking the agreement similar is the case of causation in torts and intention in crime. They never get irrelevant whenever you attempt a problem no matter what sub topic. The paper starts by defining the traditional basis of contract law and immediately identifying the modern disruption. It specifies a comparative, doctrinal, and statutory approach. It has a functional equivalence approach and human – in – the – toop requirement to bridge the gap between old law and new technology. Additionally, the paper examines the role of contract law in protecting the rights and obligations of individuals and businesses in a rapidly changing society. It highlights how contracts promote legal certainty, economic stability, and ethical business practices. The study also discusses modern challenges such as digital agreements, consumer protection, and the impact of globalization on contractual relationships and enforcement.
KEYWORDS: Offer and acceptance, Consideration, Free consent, Consensus and Idem, Certainty of Terms.