CONTRACT CONUNDRUMS: UNRAVELLING THE LABYRINTH OF CONTEMPORARY CONTRACT LAW CHALLENGES IN INDIA

AUTHOR – YOGAVARSHINI S, STUDENT AT SATHYABAMA INSTITUTE OF SCIENCE AND TECHNOLOGY, CHENNAI

Best Citation – YOGAVARSHINI S, CONTRACT CONUNDRUMS: UNRAVELLING THE LABYRINTH OF CONTEMPORARY CONTRACT LAW CHALLENGES IN INDIA, ILE LEX SPECULUM (ILE LS), 1 (1) of 2023, Pg. 7-16, APIS – 3920 – 0036 | ISBN – 978-81-964391-3-2.

Abstract

This research paper explores the contemporary challenges and evolving landscape of contract law in India, focusing on five key subtopics: the impact of digitalization on contract formation and enforcement, the role of good faith and fairness in contract negotiations, the enforceability of smart contracts in India, the challenges posed by unfair contract terms, and E-contracts and Jurisdictional Challenges in Cross-Border Transactions. Digitalization has transformed contract formation and enforcement, raising concerns about the validity and enforceability of electronic contracts in India. Questions regarding the authenticity of digital contracts and jurisdictional issues in cross-border transactions need to be addressed. The principle of good faith and fairness in contract negotiations is crucial for equitable outcomes. This paper examines its application in Indian contract law, highlighting the importance of fair negotiations while balancing contractual freedom and ethical considerations.

Smart contracts, utilizing blockchain technology, present unique challenges for contract law. Understanding their concept, features, enforceability, and associated legal hurdles is essential for adapting the legal framework to this innovative technology. Unfair contract terms pose significant issues, particularly in consumer contracts. The identification of unfair terms and analysis of legislative provisions and judicial precedents are crucial for protecting parties while preserving contractual freedom. The paper also explores emerging trends in dispute resolution mechanisms, such as mediation and conciliation. Evaluating their effectiveness and integration into the Indian legal system can lead to efficient resolution of contract disputes.

By addressing these contemporary issues, this research paper contributes to strengthening India’s contract law framework, promoting fairness and access to justice in contractual relationships.

Keywords: contract law, contemporary issues, India, digitalization, good faith, fairness, smart contracts, unfair contract terms, dispute resolution mechanisms.