Electronic Contracts Essay

at that place be several(prenominal) long-term impact of electronic contracting on the estates business and some of these argon the following First of all, since the E- compress federal official righteousness legitimizes business conducted by electronic federal agency, this means that the race testament produce more businesses than usual (Zanger, 2000, n. p. ). This is because an electronic contract saves a bulky amount of time, as well as, effort (Zanger, 2000, n. p. ).Unlike in the conventional way, wherein individuals entering into a contract atomic number 18 obliged to meet with for each one different, negotiate with each other, view as with each other, etc before finally signing a document that legitimizes what they have discussed ab break with regards to business (Zanger, 2000, n. p. ). In electronic contract, a document is sent for another party to read and agree upon, if he or she does then he or she signs it, then the other party, in typesetters case he or she agrees allow withal sign it (Zanger, 2000, n. p. ).Electronic contract is exceedingly easy and extremely convenient that is wherefore the number of businesses is increased greatly which leads to a flourishing economy for the nation as well (Zanger, 2000, n. p. ). Second, the e-Sign Federal Law continues the advancement of e-commerce, which in turn, also plays a large role in the economy of the whole nation (Zanger, 2000, n. p. ). It motivates individuals to transact their businesses online and make their services far more efficient by doing so (Zanger, 2000, n. p. ).The fast and efficient service that e-commerce offers contribute largely in inspiring people to create a business of their own online which leave not only bring in an additional income for themselves and their families but to the presidential term as well (Zanger, 2000, n. p. ). Finally, it establishes uniformity in intrastate, interstate, & foreign commerce which means that the hindrances and vagueness to well-org anized/competent interstate online proceedings posed by different states laws will be gone forever (Zanger, 2000, n. p. ).This means that the flow of business transactions will be freely flowing because there will be no more differences in State laws to attend to (Zanger, 2000, n. p. ). In case that other States have other laws with regards to e-commerce and electronic contracts, these will still be covered by this federal law technically referred to as the Federal E-sign Law (Zanger, 2000, n. p. ). Since uniformity is established through the aforementioned law, more individuals argon more confident now with online transactions than before (Zanger, 2000, n. . ).What are the emf pitfalls you see with electronic contracting? An electronic contract entails an electronic skin senses, which is actually an electronic sound, symbol, or process attached to or logically associated with an electronic record and executed or adopted by a person with the intent to sign the electronic record ( California computes Civil Code Section 1633. 1 1633. 17, n. d. ).The major problem here is that there are no rules or standards for electronic signatures (California Codes Civil Code Section 1633. 1633. 17, n. d. ). There should be only one kind of technology utilized for an electronic signature to meet the functional equivalence standard because there are no built-in security of handwritten signatures, in ink, and tangible compose (California Codes Civil Code Section 1633. 1 1633. 17, n. d. ). There should be encryptions, assenting controls, as well as, date stamps in order for it not to be easily tampered with (California Codes Civil Code Section 1633. 1 1633. 17, n. d. ).If there are no guiding principles on what comprises electronic signatures then fraud is almost likely to occur (California Codes Civil Code Section 1633. 1 1633. 17, n. d. ). Anybody sight just sign an agreement however she/he wants it to be gestural and he or she may just opt to get out of it by sayin g it not his or her electronic signature or he or she may just put another electronic signature that is not really associated with him or her for the purpose of being competent to run away with it in case he or she necessarily to (California Codes Civil Code Section 1633. 1 1633. 17, n. d. ).