Electronic Commerce And Its Impact On Individuals And Entities

A contract is an agreement which normally consists of an 'offer ' and an 'acceptance ' and involves the 'meeting of the minds ' or consensus between two or more parties with the intention to create a legally enforceable binding contract. Therefore in this essay, the four core elements needed for the formation of a contract such as offer, acceptance, and consideration and intention to create legal relations will be discussed briefly.

Intention to create legal relations can be defined as follows. ‘An agreement will only become a legally binding contract if the parties intend this to be so. This will be strongly presumed in the case of business agreements but presumed otherwise if the agreement is of a friendly, social or domestic nature.’ Source (HNC unit 5 Business law course book) In determining whether the parties intend their agreements to be legally binding the court is guided by two presumptions. Parties to a domestic or social agreement do not intend to be legally bond. Parties

A contract is formed when an offer by one party is accepted by the other party. Consideration is the price paid for the promise of the other party. The price must be something of value, although it need not be money. Consideration may be some right, interest or benefit going to one party or some, losses or responsibility given, suffered or undertaken by the other party.

Furthermore, the agreement, is where the actual contract is offered and accepted by two parties (Cheeseman, 2010). The consideration is the legal form of payment or exchange within the contract such as money, property, or provision of services (Cheeseman,

A contract is an exchange of promises or a promise in exchange for performance, for breach of which the law gives a remedy, per Restatement 2nd of Contracts §1. For the contract to be valid there has to be mutual assent, parties mutually agree upon the same specific thing. Per Restatement 2nd of Contracts §54, there are two types of contracts: unilateral, where acceptance is by performance, and bilateral, where there is an exchange of mutual promises and both of the parties have the rights and duties.

For a contract to be valid there must also be consideration. Consideration means a detriment to the person who made the promise or a benefit conferred on the other party, both of which are measurable in economic terms. Services, money, and goods are the examples of consideration. A promise of a gift is not enforceable in law because of the absence of mutual exchange of consideration. An exception to this rule is when a contract is executed in a specific form called a "deed", in which case consideration is not required to be given to the other party.

Parties must have intention to create legal relation to create a legal contract. When the agreement is made between business partners, it is presumed that the parties are intent to create legal relations. When an agreement is made between family members or social friends, it is presumed as no intention to create legal relations. Both presumptions could be

(ii) In the context of the law of contract, consideration is meant by “the price of the other persons promise”. The law enforces bargains, not bare promises. A bare promise is unenforceable, unless bought by some consideration provided by the other party.

E-commerce Explain what is meant by the term ‘E-commerce’. It is the conducting of business communication and transactions over networks and through computers. As most restrictively defined, electronic commerce is the buying and selling of goods and services, and the transfer of funds, through digital communications. However EC also includes all inter-company and intra-company functions (such as marketing, finance, manufacturing, selling, and negotiation) that enable commerce and use electronic mail, EDI, file transfer, fax, video conferencing, workflow, or interaction with a remote computer. Electronic commerce also includes buying and selling over the Web, electronic funds transfer, smart cards, digital cash (e.g.

Electronic commerce has been there for a long time now, and it is a practice that is practiced by peoples from Germany, France, and the US on a daily basis. Since its inception around 40 years ago, e-commerce has continued to grow as innovations, technologies and a lot of business reverting to the use of the e-commerce. The aspect of buying and selling of goods in the early 1960s was sluggish with the traditional way of mailing of documents being replaced with the Electronic Data Interchange (EDI), which would later pave a way to the electronic commerce. After the e-commerce, however, the practice was not more reliable as it still had many challenges (Tsolis, 2009). For instance, it was not easy for buyers to see products from the comfort of their homes and more so, the methods of accessing the information were limited.

Since the number of taxi’s companies that use smart phone’s application to provide their services has increased, the popularity of those companies has increased too. Unfortunately, one of the famous taxi’s company in Saudi Arabia called Karim had lost their customer’s trust because the customers’ credit cards information has been stolen by a hacker, who hacked the company’s digital signature to accesses their server and steal information. In fact, the internet has influenced our life and the E-commerce was not an exception. Many customers prefer online shopping, leasing, and selling, which are considered trade contracts. As the contract should contain a signature that represents the agreement between parties, a written signature is not viable in E-commerce. As a result, electronic signatures have existed to provide convenient and faster service that E-commerce needs. In fact, electronic signatures have not taken as a proof of evidence except a digital signature because the requirement to accept the signature to proof documents could be existed only in a digital signature. In this paper, I argue that government should regulate a digital signature to satisfied E-commerce expectation and growing. First, I will define the digital signature and distinguish it from similar signatures. second, I will explain the usage of the digital signature in E-commerce and how it expanded. Third, I will explain the law importance

E-commerce is transactions conducted via electronic means such as the internet, email and SMS. It is considered to be one of the most important aspects of the internet to appear. As a result, people are able to exchange goods and services immediately regardless of their geographic location and time. More and more businesses conduct transactions on line, with some trading purely on-line thus reducing overheads and administrative costs.

The continuous development of Internet leads to the growth of e-commerce. The electronic commerce is growing constantly due to the continuously increasing number of mobile and online users in the market, primarily the emerging markets. Besides that, the development of the Information Technology (IT), such as the advance of paying processes and the improvements of shipping method also the main reason to cause the growth of electronic commerce (John Ingham, 2015). Most consumers accept e-commerce as their feasible alternative in the purchase of goods and

Contract is an agreement that enforced by law under the section 2 (h) of Contracts Act 1950. It can be in written or verbally at least it fulfils the seven elements which are offer and acceptance, certainty, intention to create legal relations, consideration, legality, legal capacity and free consent.

Alongside the data innovation, the Internet rapid advancement, electronic business has brought on the present dispersion domain noteworthy change steadily. In the electronic business hone, the online electronic installment is the electronic trade fundamental connection, additionally is the establishment condition which electronic trade can easily create. Not the relating continuous electron installment implies organize, electronic business just can be does not have the useful importance "the estimated trade", but rather can 't understand on the veritable net the exchange. The on-line electronic installment is the electronic trade advancement center, is finishes on the net the exchange key stride, and additionally is at present confines the local system application improvement a bottleneck.