Technology Today Has Become A Vital Component Of The Society

954 WordsMay 4, 20174 Pages
Technology today has become a vital component of the society; all societal interactions are embracing technology very rapidly. In the field of business, technology is revolutionizing how people interact and conduct business. At the moment, the internet is making it possible for people to transact over the internet media, enabling them improve business efficiency and effectiveness greatly. While such trends emerge laws and legal regulations relating to conducting business over through the cyber space are also evolving, just as rapidly. Arguing on the parallel, legal trends and issues pertaining to the use of e-contracts and e-signatures in carrying out business today will be the focus. Traditionally, contracting was limited to the physical…show more content…
In the electronic platform; however, firms have to flex the general terms in certain cases in order to suit their intentions. For example, the terms regarding when the contract is deemed as concluded are variant across different organizations. In some companies acceptance is made by way of email, while in other companies’ acceptance takes the form of issuance of reference numbers. Such terms are contained in the company’s website, and it is usually the customer to read and understand them. Consideration takes the form of the customer’s payment for the accepted offer. Considerations can take place over the internet or otherwise as specified in the company’s terms and conditions. The intention to create a legal relation is implied upon the party’s interactions. When these matters are substantially met, such a contract becomes legally binding upon the contracting parties. Evidently, electronic contracts have a similar bearing to traditional contracts, with the only exception being that in electronic contracts contracting parties do not meet physically. E-signatures refer to the use of digital signatures in the authenticating of electronic communication. The technology makes use of sophisticated encryption and decryption technologies to verify the identities of the parties taking part in the contract (Blythe, 2005). When used in authenticating electronic transactions, e-signatures have a
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