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E-commerce is growing by leaps and bounds, propelling business further into the information age with each passing day. People just like you and me clicked our mouse and purchased approximately $10 billion in merchandise during 1999. The U. S. Department of Commerce forecasts Internet retailing will exceed $50 billion within the next two years, and business-to-business e-commerce will top $1 trillion. With millions of transaction taking place, it is inevitable that contract disputes will arise, and common rules to authenticate and confirm the integrity of electronic documents and their signers are of paramount importance. On September 16, 1999, Governor Gray Davis signed Senate Bill 820 making California the first state to adopt an electronic contracting law. The law went into effect January 1, 2000. Its primary purpose is to “ensure that electronic contracts (records and signatures) have the same legal effect as their hardcopy counterparts.” In addition, the law legalizes electronic signatures and even extending the electronic signature, under certain circumstances, to satisfy requirements that a signature be notarized. The law, however, only applies to transactions where the contracting parties have agreed in advance to be bound by an electronic transaction. Maybe the law’s most extreme fault is that it fails to cover all transactions. The following contracts are excluded: * Wills, codicils, and testamentary trusts. * Certain transactions governed by various consumer protection laws (for example, notice of mortgage late fees, non-judicial foreclosure notices, and statements of finance charges). * Any transaction under the Automobile Sales Finance Act or the Vehicle Licensing Act. * Some retail installment sales contracts. Even with these shortcomings, the law undoubtedly will have a significant effect on the future of contract law in California and the nation. Exactly what that effect will be, however, remains to be decided in the courtroom. In the following section, we will examine some of the issues. 1. What will be the long-term impact of electronic contracting on the nation’s business? 2. What are the potential pitfalls you see with electronic contracting? **PLEASE FOLLOW INSTRUCTORS GUIDELINES FOR WRITING PARAGRAPHS AND CITATIONS REQUIRED**
Actual Assignment Details with hyperlinks
E-commerce is growing by leaps and bounds, propelling business further into the information age with each passing day. People just like you and me clicked our mouse and purchased approximately $10 billion in merchandise during 1999. The
U. S. Department of Commerce
forecasts Internet retailing will exceed $50 billion within the next two years, and business-to-business e-commerce will top $1 trillion. With millions of transaction taking place, it is inevitable that contract disputes will arise, and common rules to authenticate and confirm the integrity of electronic documents and their signers are of paramount importance.
On September 16, 1999, Governor Gray Davis signed Senate Bill 820 making California the first state to adopt an electronic contracting law. The law went into effect January 1, 2000. Its primary purpose is to “ensure that electronic contracts (records and signatures) have the same legal effect as their hardcopy counterparts.” In addition, the law legalizes electronic signatures and even extending the electronic signature, under certain circumstances, to satisfy requirements that a signature be notarized. The law, however, only applies to transactions where the contracting parties have agreed in advance to be bound by an electronic transaction.
Maybe the law’s most extreme fault is that it fails to cover all transactions. The following contracts are excluded:
· Wills, codicils, and testamentary trusts.
· Certain transactions governed by various consumer protection laws (for example, notice of mortgage late fees, non-judicial foreclosure notices, and statements of finance charges).
· Any transaction under the Automobile Sales Finance Act or the Vehicle Licensing Act.
· Some retail installment sales contracts.
Even with these shortcomings, the law undoubtedly will have a significant effect on the future of contract law in California and the nation. Exactly what that effect will be, however, remains to be decided in the courtroom. In the following section, we will examine some of the issues.
1. What will be the long-term impact of electronic contracting on the nation’s business?
2. What are the potential pitfalls you see with electronic contracting?
· Write in paragraph format (no lists, bullets, or numbers).
· Do not re-write the question(s) from the assignment list.
· Ensure that you have a minimum of three (3) paragraphs.
· Each paragraph should be six (6) to eight (8) sentences each.
· Include at least one in-text citation per paragraph that corresponds to the References.
· You need to use and cite at least
two
(2) references for each submitted assignment, including DBs.
Remember we are in a college-level course. As such, you need to
clearly and thoroughly
answer every question asked in each project. This will rarely be accomplished with one or two sentences. In addition to providing a basic answer for each question, a quality response will explain:
a.
“How”
you arrived at your answer(s)
b. “
What”
facts and sources you reviewed and considered
c. “Why” your response is the best one from all the alternatives
