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All About E-contracts- Meaning, Types and Law
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| Corporate Law
05 Feb 2015
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Shreyans Ranka
INTRODUCTION
In recent times, the conventionally functioned models of business have become out-of-
date and in many cases are not execution enough income to the owners or shareholders
of the company. A usual example of such a situation in the business of newspaper in the
United State of America wherein many of the noticeable newspaper have shut down or
have lifted purely to the online medium.[1] New and inventive models and type of
business need to be invented and worked. Existence of e-contract in the market is
accomplishing the need for innovativeness in the traditional business segments.
Businesses, both existing and new are trying to create an online individuality and an e-
contract stand keeping in view the needs of the modern times.[2]
E-contract is one of the divisions of e-business.[3] It holds a similar meaning of traditional
business wherein goods and services are switched for a particular amount of
consideration. The only extra element it has is that the contract here takes place through
a digital mode of communication like the internet. It provides an opportunity for the sellers
to reach the end of consumer directly without the involvement of the middlemen.[4]
New models of business demands different organisational charters. E-contract demands
an organizational charter which caters to its new marketing needs. This mode of business
enables businesses to save time on product design and device products according to the
individual customer requirement, track sales and get immediate feedback from the
customer.
Contracts have become so common in day-to-day life that most of the time we do not
even recognize that we have entered into one. Right from buying a vegetable and hiring
a Cab or to buying an airline ticket online, uncountable thing in our daily exists is governed
by contracts.
The Indian Contract Act, 1872 rules the way in which contracts are made and completed
in India. It rules the way in which the requirements in a contract are implemented and
codifies the effect of a breach of contractual provisions.
Electronic contracts (contracts that are not paper based but relatively in (electronic form)
are born out of the need for speed, ease and efficiency. Imagine a contract that an Indian
manufacturer and an American exporter wish to enter into. One selection would be that
one party first draws up two copies of the contract, signs them and couriers them to the
further, who in turn signs both copies and guides one copy back. The other option is that
the two parties meet someplace and sign the contract. In the electronic age, the whole
contract can be accomplished in seconds, with both parties simply fixing their digital
signatures to an electronic copy of the contract. There is no need for behind couriers and
additional travelling costs in such a situation.
There was primarily a fear between the legislatures to identify this modern technology,
but now many countries have legislated laws to recognize electronic contracts. The
conventional law involving to contracts is not satisfactory to address all the issues that
arise in electronic contracts. The Information Technology Act describes some of the
irregular issues that arise in the formation and verification of electronic contracts.
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Category : Corporate Law (3156)
Type : Articles (13004)
Tags : Government Policy (1722)
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