The Indian Contract Act, 1872 prescribes the law relating to contracts in India and is the key regulating Indian contract law. No information is available for this page.The Indian Contract Act, 1872 provides the guidelines for forming a valid Contract. It plays an important role wherever there is an agreement or a Contract. A student has to secure a minimum of 45 marks out of 100 to pass a paper. Answers may be written either in English or in Hindi but the same medium should be. A breach of contract can happen in both a written contract and an oral contract.