International Journal For Multidisciplinary Research

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The Role of Contract Laws in Corporate Transactions

Author(s) Aman Kakkar, Shilpa Mehrotra
Country India
Abstract Contract laws in India play an important role in regulating and facilitating corporate transactions within the country's legal framework. This research paper provides an insight of the importance and functions of contract laws in the context of corporate dealings in India.
In general, contract laws in India, primarily governed by the Indian Contract Act, 1872, provide the foundation for establishing legally binding agreements between parties involved in corporate transactions. These laws ensure that contracts are formed based on the principles of offer, acceptance, consideration, capacity, legality, and free consent, thereby fostering trust and predictability in business dealings.
The contract laws in India play an important role in structuring various corporate transactions, including mergers, acquisitions, joint ventures, partnerships, and commercial contracts. Contracts in these transactions address a range of issues such as terms of sale, purchase price, representations and warranties, intellectual property rights, and dispute resolution mechanisms. The Contracts Act, along with specific statutes such as the Companies Act, 2013, and the Competition Act, 2002, govern the formation and execution of contracts in corporate contexts, ensuring compliance with legal requirements and protecting the interests of stakeholders.
In spite of the robust legal framework provided by contract laws, challenges such as enforcement issues, contractual disputes, and delays in judicial proceedings persist in India's corporate landscape. Therefore, contract laws in India serve as the cornerstone of corporate transactions, providing the necessary legal framework for parties to engage in commercial activities with confidence and clarity. By ensuring the enforceability of agreements, addressing legal complexities, and promoting fairness and transparency, contract laws contribute to the growth and stability of India's corporate sector. Efforts to streamline legal processes, enhance dispute resolution mechanisms, and promote compliance with contractual obligations can further strengthen the role of contract laws in facilitating seamless corporate transactions in India.
Keywords Contract, Indian Contract Act, Corporate Transactions
Field Sociology > Administration / Law / Management
Published In Volume 6, Issue 2, March-April 2024
Published On 2024-04-01
Cite This The Role of Contract Laws in Corporate Transactions - Aman Kakkar, Shilpa Mehrotra - IJFMR Volume 6, Issue 2, March-April 2024. DOI 10.36948/ijfmr.2024.v06i02.16050
DOI https://doi.org/10.36948/ijfmr.2024.v06i02.16050
Short DOI https://doi.org/gtpw7s
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