Published Paper Details:

The Indian Contract Act 1872 is a well detailed document that has governed many contracts over the years. It has been so detail drafted by the legislative makers that it has not invited any major changes in its usage in over so many years. It has been governing contracts in the Indian Corporate Sector for an exceptionally long time. However, with the advent of blockchain technology and emerging players with changing contours, it becomes imperative to amend the Indian Contracts Act to incorporate the dynamics of 21st century. It is also in the interests of modern corporate governance that Indian Contract Act is introduced with some changes. This paper talks about the incorporation of smart contracts based on blockchain technology, amendment of contracts for surrogacy in the medical sector, new dimensions related to article 11 and 27 of Indian Contract Act, new provisions for digital contracts and a relook at section 74 of the Indian Contract Act. All of these are major topics that need amendments for plugging the loopholes in the century old Contracts Act. This paper also provides suggestions that needs to be incorporated into the Indian Contract Act 1872 so that new global companies find it easier and helpful to engage in a wide variety of domestic and International contracts with Indian people. Finally, this paper provides a wide overlook at the Indian Contract Act along with the difficulty in interpretation of certain provisions mentioned in the aforementioned act I argue that reforms in Indian Contract Act based on smart contracts arising out of blockchain technology is the way forward. In addition to that, I dive into the topics of problem of consideration and contract formation in surrogacy. Alongside a revamp of the existing sections, I argue the benefits that one might find in updating the archaic Indian Contract Act 1872.