Contract act came into force in the year 1872.  Contract act is followed all throughout India except Jammu and Kashmir. Contract act comes under the business law and is followed when two parties, a buyer and a seller enters into a contract with each other. Every company engages in selling or buying commodities. When a buyer and a seller agrees to buy or sell an asset, they sign a contract that is enforceable under the law. The person who makes the offer is called the promisor. The person...