Electronic and Written Contracts Coursework Example
Free Electronic and Written Contracts Coursework Example
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The E-Sign Act was enacted and signed into law in 2000. It has provisions for the universal decree of soundness for electronic records and signatures that affect foreign or inter-state exchange transactions. The Act gives authority for the utilization of electronic accounts to gratify whichever regulation, decree or the rule of edict that requires instances of such data to be in written form. Additionally, it exists between the consumer and the initial institution that can deliver data and information electronically. UETA, the E-Sign Act and other regulations that govern the electronic transactions insist on the rules that must be adhered to ensure the legality of the electronic signed transactions and agreements.
Just like written agreements, the electronic agreements entail an acceptance, an offer, and a consideration. Acceptance happens when the party offered accepts the specific terms provided, hence, creating a ‘combined mind’ between the parties. The offer entails the party that gives and is willing to make an agreement with a second party (Drazen, 78). A consideration entails something valuable that one party to the agreement can give to the second party for a promise or act. When dealing with written agreements, the ‘meeting of the minds’ is direct when satisfying the requisite. Nevertheless, ‘meeting of minds’ in electronic contracts deems difficult due to the unique format of agreement that needs an intent bound and verifying the identity of parties by the terms of agreements. Similar to written signatures, the E-Sign Act ensures that the signatures must be attached or have logic associations with electronic records in forms of symbols, sound or processes.
To implement the electronic transactions to be equal to the written agreement contracts, the E Sign Act validated the legal requirements required in the electronic contract to be similar to the contracts in the written a...
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