Law and project management

Mr.Angyan I agree that one needs to know the terms and conditions of a contract before entering into one......But if you can then please elaborate more on your insight.

To add to Mr. Angyan's insight i would like to add some more on Indian contract Act.
 
We enter into contracts so many times in a day that the word "contract" has become an indispensable part of our life. When you purchase milk or newspaper in the morning or go to movie in the evening, you are entering into a contract. Indian Contract Act really codifies the way we enter into a contract, execute a contract, implement provisions of a contract and effects of breach of a contract. Basically, a person is free to contract on any terms he chooses. The Contract Act consists of limiting factors subject to which contract may be entered into, executed and breach enforced. It only provides a framework of rules and regulations which govern formation and performance of contract. The rights and duties of parties and terms of agreement are decided by the contracting parties themselves. The court of law acts to enforce agreement, in case of non-performance...