Question(s): Finally, in responding to your peers posts, discuss the validity of e-contracts within an information technology business model. What are the boundaries of e-contracts? Offer suggestions on how your peers can protect contracts that fall outside the boundaries.
PEER POST # 1
Im going to use a specific, real life example here, since I experienced it myself in the last year. We all know the internet, combined with the implementation of the E-SIGN Act and the Uniform Electronic Transactions Act (UETA), has significantly transformed e-commerce, providing ease of access, streamlined processes, and a reach that wasnt always possible with traditional contracts. But
Real estate transactions in particular, have integrated e-contracts and digital signatures as well, streamlining the buying process and making it more efficient, secure, and accessible to the point where you dont even have to set foot in a realtors office.
When I bought my house last year, I started with clicking a button on Zillow, which connected to me an agent. Following some house shopping and making an offer, the preparation, review, and signing of most of my real estate documents were completed electronically, drastically reducing the time spent completing paperwork. I literally could sign documents from anywhere, at any time. There where times I would review documents on my phone while eating lunch at work. I didnt even have to leave my desk! Everything was collected in an encrypted portal and emails would be automatically sent by the forms to whoever had action to review and sign.
I never met my home inspector face to face. We emailed a few times, I Venmoed his payment and he uploaded his report to the agency portal for inclusion in the closing, but we never actually met.
This was beneficial in helping moving from offer, to under contract, to closing in the span of less than two months. The only thing I didnt sign electronically was my closing documentation. That was all done in person, but it sounds like based on the reading, we could have closed electronically too and everything would have been fine.
PEER POST # 2
The internet has made e-contracts a normal part of everyday business. Now, people can negotiate, create, and sign contracts from anywhere in the world, saving time and money. This also means businesses can easily reach global markets and form partnerships across borders. For example, a freelance graphic designer in the U.S. can quickly and easily sign a contract with a client in Europe, kicking off a project without waiting for international mail.
Laws like the Electronic Signatures in Global and National Commerce Act (E-SIGN Act) and the Uniform Electronic Transactions Act (UETA) have been key to making this happen. The E-SIGN Act, passed in 2000, ensures electronic signatures are just as valid as handwritten ones (E-SIGN Act, 2000). UETA backs this up at the state level, making electronic transactions legally recognized almost everywhere (UETA, 1999). So, a small business owner in California can confidently use an e-signature to finalize a contract with a supplier in Texas, knowing its legally binding in both states.
Digital signatures add extra security and trust. They use special tech to verify who signed the document and ensure it hasnt been tampered with, preventing fraud. This also means theres a clear record of the signing process, which is great for accountability. Example, a multinational company can quickly and securely execute contracts with partners all over the world, knowing everyone has verified the terms and conditions efficiently and safely (Reed, 2020).
