Author: Kunal Singh
The Indian Contract Act, 1872 is one of the oldest legislations prevalent in our country. But that has not affected its relevance in business transactions today. However the scenarios of contract have undergone a sea of change ever since the inception of this law. The basic essentials of contracts still remain the same as specified under the provisions of the Indian Contract Act. With the passage of time, this act has been interpreted in different ways. Earlier, parties to the contract had to be physically present at the time of entering into the contract. But it was the invention of the telephone that made the physical presence of parties unnecessary and redundant. Subsequently, wired communication was replaced by wireless communication with the coming of Mobile phones and the Internet. But it is the Internet that has had the most profound impact. Internet transactions have become commonplace in day-to -day contracts.