The Indian Contract Act, 1872 is a law that governs contracts in India. It was passed by the British government during colonial times, and is still in force today, with various amendments having been made over the years.

The Act defines a contract as an agreement between two or more parties that creates legal obligations between them. It lays down the rules for the formation, performance, and enforcement of contracts, and provides remedies for breach of contract.

The Act covers a wide range of contracts, including contracts for the sale of goods, contracts for services, contracts of employment, contracts for the transfer of property, and more. It specifies the essential elements of a valid contract, which include offer, acceptance, consideration, and intention to create legal relations.

The Act also deals with the various modes of discharge of a contract, such as performance, breach, frustration, and rescission. It provides for the rights and liabilities of the parties in the event of a breach of contract, and specifies the remedies available to them, such as damages, specific performance, and injunctions.