E-Commerce - Contemporary Business and online Commerce Law

Electronic Contracts

E-commerce is staggering nowadays; everyone is using e-commerce at their own leisure. The meaning of the term "electronic commerce" has changed over time. Originally, "electronic commerce" meant the facilitation of commercial transactions electronically, usually using technology like Electronic Data Interchange to send commercial documents like purchase orders or invoices electronically. Later it came to include activities more precisely termed "Web commerce" -- the purchase of goods and services over the World Wide Web via secure servers (note HTTPS, a special server protocol which encrypts confidential ordering data for customer protection) with e-shopping carts and with electronic pay services, like credit card payment authorizations. This means that all the contracts that were traditionally paper written are being drafted and stored electronically. Electronic signatures and agreements are becoming commonplace nowadays.

The following are some long term impacts of doing electronic contracts.

• E-commerce provides easy and quick access and information that a customer would need.

• E-commerce makes it easy for customers to download files/data whenever they need and could find it at ease.

• E-commerce/internet marketing involves reduced inventory costs

• By contracting on-line, businesses can improve efficiencies, reduce paperwork, and streamline their operations.

• Contractual information can be sent and received almost immediately. The speed with which information about contract can be communicated via electronic methods is far superior to traditional paper contracts.

• Sending contractual information across to different people in different geographical locations will be a lot easier