Uniform Electronic Transactions Act The Uniform Electronic Transactions Act (UETA) was proposed by National Conference of Commissioners on Uniform State Laws (NCCUSL) and promulgated in 1999. It was the first effort to help organize state law for the electronic commerce age. Forty-seven states, to date have adopted the UETA (Electronic Transactions Act Summary). The UETA only applies to transactions in which two parties have agreed to conduct those transactions electronically. The agreement portion of is the key element, and essential to the law. There is no law requiring or forcing anyone to conduct electronic transactions, and parties that do conduct electronic transactions fall under the UETA, but they also may opt out if an agreement is made.
Electronic Signatures in Global and National Commerce Act
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The law is enacted to facilitate the use of electronic records and electronic signatures in interstate and foreign.
Every state has one law pertaining to electronic signatures, however the federal law is what lays out the interstate commerce guidelines. The intent of the act can be summarized in the first section (101.a), that a contract or signature “may not be denied legal effect, validity, or enforceability solely because it is in electronic form” (The History of Electronic Signature Laws | Isaac Bowman). The act provided the opportunity for secure-online transactions development within the e-commerce community, enabling the development of digital signatures, and provided the frame work for regulations of digital signatures by certification authorities. The establishment of this Act, and the technology that developed because of the act, has added a level of security for individuals. The digital signature utilizes hash cryptographic algorithms, utilizing what a user’s pin (signature) to sign electronically.
Uniform Computer Information Transactions
The Telecommunications Act of 1996 can be termed as a major overhaul of the communications law in the past sixty-two years. The main aim of this Act is to enable any communications firm to enter the market and compete against one another based on fair and just practices (“The Telecommunications Act 1996,” The Federal Communications Commission). This Act has the potential to radically change the lives of the people in a number of different ways. For instance it has affected the telephone services both local and long distance, cable programming and other video services, broadcast services and services provided to schools. The Federal Communications Commission has actively endorsed this Act and has worked towards the enforcement and implementation of the various clauses listed in the document. The Act was basically brought into existence in order to promote competition and reduce regulation so that lower prices and higher quality services for the Americans consumers may be secured.
The Computer Fraud and Abuse Act (CFAA) of 1986 is a foundational piece of legislation that has shaped computer crime laws for the United States. It was spawned from Comprehensive Crime Control Act of 1984, Section 1030 that established three new federal crimes to address computer crimes. According to Sam Taterka, “Congress tailored the statute to three specific government interests: national security, financial records, and government property” (Taterka, 2016). The statue was criticized for the narrow range of issues it covered and vague language.
PKC is the enabling technology for all Internet security and the increasing use of digital signatures, which are replacing traditional signatures in many contexts. However, RSA is better than PKC because RSA doesn’t need digital signature. As a result, the RSA algorithm turned out to be a perfect fit for the implementation of a practical public security system. In 1977, Martin Gardner first introduced the RSA system. After 5 years, company RSA used secure electronic security products. Nowadays many credit companies of all over the world use the RSA system or a similar system based on the RSA system.
Bitcoin is a form of digital currency that is similar to physical cash stored in a digital form. It is the first fully implemented cryptocurrency protocol utilizing an open source peer-to-peer payment system. As a transfer protocol, it fundamentally functions as a money transfer medium that sends bitcoins from user to user without the need of a third-party intermediary and the system is protected by peer-reviewed cryptographic algorithms. This cryptographic digital currency simultaneously provides users a method to exchange money for free or a nominal fee, which is mutually beneficial for retailers and consumers. The main concern is that it can be used for illegal activities such as the purchase of drugs, weapons and other illegal goods. Albeit true, the concern also exists with all other forms of regulated currency, such as cash and wire transfers. Anonymity is one of the greatest Bitcoin perks, however, nothing is as untraceable as cash. It is the solution to the leading economic and security issues that have left everyone vulnerable, particularly in the wake after the Target security breach in which hackers stole unencrypted credit card and debit card data for 40 million customers’ as well as their pins over the span of two weeks before it was detected. In addition, these hackers were also able to obtain the names, addresses, phone numbers, and email addresses of 70 million customers (Andreesen 6). If Bitcoin were to be used as the standard form of payment, the transaction data does not identify the purchaser’s identity and all information is encrypted. It is the most secure payment method and is a more secure future. Bitcoin is a technologically innovative soluti...
Internet a bad name. There is also information on the Net that could be harmful
The primary purpose of the “Statute of Frauds” (SOF) is to protect the interests of parties once they are involved in litigating a contract dispute (Spagnola, 2008). The relevant statutes are reliant upon state jurisdictions to determine whether the contract falls under the SOF, and whether the writing of the contract satisfies the requirements of the statute of frauds (Spagnola, 2008). However, all contracts are not covered under the SOF. In essence, for a contract to be deemed as legal by definition of the SOF, there must be verification of the following requirements for formation of the contract, which are as follows: (1) There must be least two parties to the contract, (2) There must be a mutual agreement and acceptance on the price to pay for goods and services offered, (3) The subject matter or reason for entering the contract, must be clearly understood by all parties to the contract, (4) and there must be a stipulated time for performance of duties under the contractual obligations (Spagnola, 2008). Lastly, there are five categories of contracts that are covered under the SOF, which are as follows: (1) The transfer of real property interests, (2) Contracts that are not performable within one year, (3) Contracts in consideration of marriage, (4) Surtees and guarantees (answering to the debt of another), and (5) Uniform Commercial Code (U.C.C.) provisions regarding the sale of goods or services, legally valued over five hundred dollars ($500.00) (Spagnola, 2008).
Transactional Processing The accounting software packages developed and distributed by Sage and Microsoft, respectively, each use their own methods for recording accounting information. Sage 50. There are three different areas that must be discussed. These are the revenue, expenditure, and financing cycles. These areas are written about from the author's own knowledge from using the software, as learned from the book by Carol Yacht (2013).
As the internet transactions becomes more ingrained into our daily lives the questions of speed, cost and privacy quickly become prevalent. Companies such as Target, JP Morgan and Home Depot have all been victims of cyber hacking that has compromised the personal data of millions of consumers (Roberts 2017). The problem with internet transaction security is two fold, first transactions are managed by several entities, such as the retailer, the credit card company, and the bank, that all have the potential to be compromised, and second the transactions all require providing more information to complete the transaction than necessary. Now imagine there was a technology that could complete an internet transaction instantaneously, with out
The digital era arrives. Blue Book information editorial board and Social Science Literature Publishing House (2010) pointed out that “China's e-commerce transaction volume reached 3.85 trillion yuan in 2009”. Utilisation of e-business services was also high amongst Hong Kong people. About 98.3% of all persons had used e-business services such as Octopus Card and Automatic Teller Machine (Census and Statistics Department, 2009). One of the pitfalls for the development of e-business, however, is the concerns on consumer privacy. According to Green’s (1999) survey, 54% of respondents had decided not to purchase a product because of a concern on overuse of personal information collected in the e-business transaction. This essay examines the circumstance on protection of consumer privacy in e-business. As e-business is surging by astronomical number and consumer information is a kind of property, the protection of consumer privacy in e-business becomes significant. This essay begins with the causes of the problem, and then move on to analyse the effects. Lastly, the essay concludes with the solutions to the problem.
rule", The electronic formation of contracts and the common law: "mailbox. baylor law review. 8 april
Woda, K. (2006). Money laundering techniques with electronic payment systems. Information & Security International Journal, 18, 27–47.
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
One of the largest parts of commerce is transaction. Transactions are needed anytime two parties exchange money or information. Since the Information Age has begun, transactions are more common over the Internet, where it is more imperative that transactions are secure (Klein x). Corporations have also become more widespread, which means that cryptography is needed to secu...
The main issue of the e-commerce is contract law applied to internet in the EU supported by the EU Directives 2000/EC. In 2000, “EU attempted to construct a basic framework for the future regulation of e-commerce” (Pappas 2003). The goal of this directive is to develop the internal market in the EU and harmonize the e-commerce by creating common laws defining the terms of contract at least for those ... ... middle of paper ... ... LIOGRAPHY Pistorius T. & Hurter E. 1999, “Contracting on the Internet:
Handwritten signatures happens in different patterns and there is a great deal of dissimilarity signatures of people even of the same area with same language. Some used to just write their name while others follow certain pattern to represent their signature. Signatures done with complexity are however less vulnerable to forgery effects [7]. Also, the signatures are very much influenced by the thinking panorama of a person. There is a particular process on how a signature s generated. Signature has three attributes at minimum . They are pattern form, movement and variation, and since the signatures are produced by moving a pen on a paper, movement of pattern is the most important