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Impact of technology on business
Technology and its impact on business
Impact of technology on business
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Technology today has become a vital component of the society; all societal interactions are embracing technology very rapidly. In the field of business, technology is revolutionizing how people interact and conduct business. At the moment, the internet is making it possible for people to transact over the internet media, enabling them improve business efficiency and effectiveness greatly. While such trends emerge laws and legal regulations relating to conducting business over through the cyber space are also evolving, just as rapidly. Arguing on the parallel, legal trends and issues pertaining to the use of e-contracts and e-signatures in carrying out business today will be the focus. Traditionally, contracting was limited to the physical presence of the contracting parties. Such contracts involved many formalities such as written evidence and in some cases a witness into the transaction. With the emergence of the internet, transactions take place electronically, which has given birth to e-commerce. The rapid expansion and development of e-commerce have led to the emergence of a new legal trend, e-contracting. E contracting is an emergent legal issue in e-commerce, which aims at making electronic contracts legally binding. E-contracts anchor upon the principles of contract law, such that agreements arising from such contracts are legally binding (Ottaviani, 2010). In electronic contracts, many activities involved such offer and acceptance and consideration occur virtually with parties having not to meet physically. Electronic contracts exist in various ways. For example, agreements can take the form of “click-wraps”, ”browse wraps” or “shrink wraps”. Click-wrap and shrink-wrap agreements enable parties to enter into a binding ... ... middle of paper ... ...ted to such transactions. Evidently, however, business people are presented with a greater challenge of keeping the up-to date with the trends in legal issues pertaining cyber law to avoid hurting their businesses. Works Cited Blythe, S. (2005). Digital signature law of the United Nations, European Union, United Kingdom and United aStates: Promotion of growth in e-commerce with enhanced security. Richmond Journal of Law & technology, 11(2), 1-20. Ishak, I. (2007, October 8). Going the dot com way. The edge. Marjanovic, O., & Milosevic, Z. (2001). Towards formal modeling of e-Contracts. In Enterprise Distributed Object Computing Conference, pp. 59-68. Ottaviani, J. (2010, July 28). E-SIGN Prevents Enforcement of Emailed Contract Terms–Buckles v. Investordigs. Retrieved March 12, 2014, from http://blog.ericgoldman.org/archives/2010/07/colorado_court.htm
There were also no terms or conditions to perform, nor a time or event of completion of performance. “USLegal.com helped further explain the requirements of a legally enforceable contract by providing the following elements that must be adhered to, in order for a contract to be legally binding: an offer; 1. an acceptance of that offer which results in a meeting of the minds, 2. a promise to perform, 3. a valuable consideration, 4.
In order to have a valid contract, there are six elements that need to be established. The following is a defined list of these elements, as well as analysis pertaining to the case at hand.
...head?: Norms, freedom and acceptable terms in internet contracting’ (2010) 14 Journal of Internet Law 18-31
Digital signatures are commonly used for software distribution, financial transactions, and in other cases where it is important to detect forgery or tampering.
When most Americans perform an act that is against the law, they do not even realize what the consequences are of their actions. There are a lot of people that do not know the extent of the law and what technically is and is not against the law.
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
The exclusion clause is an important device for allocating the risks between the contractual parties. However, the exclusion clauses could mostly be found in written contracts, especially standard form of contracts. Standard form contracts with consumers are often contained in some printed ticket, or delivery note, or receipt, or similar document. In practice, it is very common that if a person wants the product, he may have no alternative but to accept the terms drawn up by the other party even though such terms are disadvantage to him, or he may simply accept it regardless the possible unfavorable position because he does not trouble to read a long list of terms and conditions. Therefore, contracts are regularly signed, tickets are simply accepted, or a tick-box on a website is clicked, commonly between large companies and individual consumers.
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.
This judgment given set criterion which is still been used in the modern court system and due to this case it was developed that an offer of contract can be unilateral and doesn’t have to be made to a specific party only. Also it was developed to that the acceptance of an offer does not require a notification and that once the concerned party purchases the product the contract is active then and there itself. And it was also established that purchase of an item is a fine example of consideration and therefore makes it a valid contract. (Smith, 2000).
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
Cheeseman, H., (2013). Business law: legal environment, online commerce, business ethics, and international issues. (8th ed.), (pp. 168-205). New Jersey: Pearson Education.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system.
E-business and e-commerce are terms that are sometimes used interchangeably, and sometimes they are used to differentiate one vendor’s product from another. In both cases, the e stands for "electronic networks" and describes the application of electronic network technology - including Internet and electronic data interchange (EDI) - to improve and change business processes (Bartels, 2000)
Cyber crime has become an important concern for not only the business firms, government, law enforcement agencies but also for the common people because these kinds of issues are related to the consumer’s day-to-day activity (Polivanyuk, 2005). Due to these types of crimes, consumer’s money, children, business organization’s integrity, consumer and company’s privacy, etc. are in danger.