To learn more and check your eligibility, simply fill out the form, and our team members will connect with you for further information and next steps. Image. The Indian Contract Act, 1872, serves as a detailed manual regulating contracts and agreements in India.10 Simple Things to Know About Contract Law in India with Sections: 1. General: Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents etc. The Contractor shall mention GST, if applicable, as a separate line item in the Contract and on the Invoices. • The price shall be filled up both in figures and in words. Principles governing contracts are similar to those prevalent in the UK. ➢. The Indian Contract Act, 1872 ("Contract Act") regulates contracts in India. A Latin term meaning "in good faith". The law requires that all parties to a contract act in a bona fide way, i.e.