When a question or issue arises about a contract, one must look at the contract first, rather than the contract law. While understanding the contract law is necessary, the law allows parties to decide what they wish to. The contract provisions and their interpretation will give answers to a question arising from a contract. Here is a discussion:
Contract Law from a Practical Perspective: a video on Youtube.
Obiter Dicta 
It was a truly illuminating lecture! It gave me a completely new perspective on how to approach contractual disputes!
Prof., you did mention that the provisions in the contract, for the most part, are in the nature of default rules in that they can be derogated from through mutual agreement. In support of this, you drew our attention to various phrases found in such provisions for ex . “In the absence of an agreement to the contrary”. You further said that even though such an expression is not found in a provision like Section 73, it would be still be a derogable provision. Is there any authority to support this proposition? For ex if my contract were to say that upon my (tender issuer) breach to furnish drawings within a stipulated deadline, the non-breaching party (contractor) would be given extra time to complete the work assigned but would not be given any compensation, would it stand the scrutiny of Section 23 of the Contract Act?
LikeLike