Introduction to E- CONTRACTS

E-contract is one of the divisions of e-business. It is similar to a traditional business wherein goods and services are switched for a particular amount of consideration. The important factor involved is that the contract takes place through a digital mode of communication. It provides an opportunity for the sellers to reach the end of consumer directly without the involvement of the middlemen.

E-contract is any kind of contract formed in the course of e-commerce by the interaction of two or more individuals using electronic means, such as e-mail, the interaction of an individual with an electronic agent, such as a computer program, or the interaction of at least two electronic agents that are programmed to recognize the existence of a contract.

The Indian Contract Act, 1872 governs the manner in which contracts are made and performed in India.

ESSENTIALS OF AN ELECTRONIC CONTRACT:

  1. An offer requirements to be made
  2. The offer needs to be acknowledged
  3. There has to be legal consideration
  4. There has to be an intention to create lawful relations
  5. The parties must be able to contract
  6. There must be free and unaffected consent
  7. The object of the contract need to be lawful
  8. There must be conviction and possibility of performance

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