The Contract Act of 1872 was enacted on 25th April, 1872. This act is one of the oldest legislations in India that deals with the law of contracts. It was introduced to provide a legal framework for the enforcement of contracts and to ensure that they are fair and just to all parties involved.

Key provisions of the Contract Act of 1872 include:

1. Definition of a contract: The act defines a contract as an agreement enforceable by law.

2. Essential elements of a valid contract: The act outlines the essential elements of a valid contract, which include offer, acceptance, consideration, capacity, and free consent.

3. Types of contracts: The act distinguishes between different types of contracts, such as contracts of sale, contracts of guarantee, and contracts of indemnity.

4. Performance of contracts: The act lays down the rules for the performance of contracts, such as time and place of performance, discharge of contracts, and breach of contract.

5. Remedies for breach of contract: The act provides for various remedies in case of breach of contract, such as damages, specific performance, and injunctions.

The Contract Act of 1872 has undergone several amendments over the years to keep up with the changing needs of society. However, it still remains a crucial piece of legislation that governs the law of contracts in India.