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In this video, Nitin, an internal TPU Advocate and first-year law student, discusses the standard form of contract. He introduces the topic by referencing the evolution of contract law, noting the importance of contracts in daily transactions. According to the Indian Contract Act of 1872, a contract is defined as an agreement enforceable by law. Nitin explains that a standard form contract typically consists of pre-drafted terms and conditions from one party, which the other party must accept without the chance to negotiate changes. This highlights the inherent imbalance in bargaining power, making such contracts crucial in modern commerce.