It is a very essential part of Business Law which in turn is the branch of Civil law having its impact on everyone’s life entering into contract every day. It is a vital Act not only for businessmen but for everybody.
The Indian Contract Act 1872 deals with Law of Contracts which deals in –
a) General Principles governing all Contracts (Section 1-75) and
b) Special Provisions relating to special contracts like Indemnity Guarantee Bailment Pledge & Agency (Section 124-238)
NOTE-
 It was The Contract Act 1872 and it contained the provisions of contacts as well as the provisions of partnership act & sale of goods act. Afterwards it became Indian Contact Act and the provisions related to Partnership & sale of goods were repealed from this act on the promulgation of separate acts.
 The law of contracts is neither the whole law of agreements nor the whole law of obligations.