A contract is a written or verbal agreement in which responsibilities and duties of the involved parties are mentioned. Nowadays every business works on some contracts or agreements it became a necessary part of our life. Contracts help businesses to run smoothly without having any conflicts, if one party get involved in any misconduct which goes against the duties and responsibilities mentioned in the contract, so on the basis of that contract, other party can sue against them. Any contract has four elements a) offer, one of the parties come up with an offer, b) acceptance, after the offer is made than other party accept it, c) consideration, it means desire to come into a contract, it is really important to make an agreement viable, d) intension, parties must have an intension to come into a contract. All these four elements makes a contract valid
Throughout the time various changes has been took place in contracts, in traditional contracts parties get involved in a long negotiations about the contract, they have their lawyers with the, parties consider their lawyers, parties mutually draft a long written contract which was signed by every party, which was involved in the contract, after the signatures, this long written draft is always stored in some files.As businesses go on large scales, industrialization took place, companies started trading between many nations, this leads to demand a less sophisticated type of contract contracts which can be more flexible and do not ask for the physical presence of both of the parties, then modern contracts are considered as smart contracts because these contra are electrically generated, these contracts are technology based contracts which represents the obligations of the companies, internet is used for such contracts to take place, this contract really facilitated business all around the world. However in future some more positive change are going to be happen in case of contracts.
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As organizations adopted modern contracts it came up with huge advantages, traditional contracts used to take a very long time, whereas, modern contracts can be done by one click only. In traditional contracts other party read the contract properly before signing it, which causes a huge delay and chances of potential partners are also reduced due to this long process, now modern contracts have really helped businesses in terms of saving time. Now the question arises, what makes e-contracts so flexible and less time consuming, so the answer is its digital format. It allows the parties to sign digitally, they can receive it on electronic mail or any other digital platform, which makes it easy for the parties involved to read it anytime on their smart phones, laptop or tablets.
Digital contracts have also its pros and cons, if we consider its setbacks, so there are possibilities of getting an human error while drafting a contract by the creator. Furthermore, sometimes it happens that after the signature of both of the parties, it is possible that one of the party can edit the content because digital platforms are highly vulnerable. This can lead to conflict between parties , so they must have to get involved in a legal conflict case, which is really not good for the health of businesses.
Electronic agreement programming permits you to perform speedy quests through a solitary archive or all through your whole database to discover what you are searching for. You can discover a term, an expression, a sum, or another snippet of data all through the online agreement rapidly. Envision how much time and vitality you can spare through fast pursuits. composing and changing agreements can become tedious. Electronic agreement programming permits you to make layouts and electronic marks that you can utilize on different occasions for several clients.
Do you have to change your online agreement marginally for an alternate gathering of clients? Don't sweat it. You can without much of a stretch work from a current format and just change the segments or electronic marks that apply to new clients. The product will handily spare your layout with the goal that you can come back to it. You can likewise spare numerous variants of the layout and use them whenever. This spares you a ton of time in drafting or re-drafting a customary agreement. As far as drawbacks for e-contracts are considered, A few customers will incline toward paper contracts. On the off chance that paper is what they're utilized to, they might be reluctant to utilize computerized ones. Besides, recollect that a few customers probably won't have a method of e-marking the agreement in the event that they don't have the best possible programming on their gadget, or on the off chance that they don't have a clue how to utilize them. The other option – printing, marking, and examining the agreement and returning it by email – may appear an excessive amount of work for them. One drawback of utilizing computerized contracts is that you're depending on access to the web or your PC framework. In case you're on the spot, particularly in rustic zones, you will be unable to get to your advanced agreement exactly when you need it most.
There are some ways in which we can deal with the pros of e-contracts, When voyaging, particularly to rustic territories, bring reinforcement paper duplicates of the agreement. This will spare you on the off chance that you lose administration association. It will likewise support you if customers are experiencing difficulty utilizing a computerized agreement – simply send them over a paper duplicate by fax, post, or hand conveyance.
On the off chance that your agreements are put away in a cloud framework, ensure you have them spared elsewhere, as well, similar to the inner office framework, a neighbourhood drive, or an outside hard drive. Many cloud frameworks will give you the alternative to reinforcement elsewhere. At that point, you won't need to stress in case of a framework crash. So at last by looking at huge benefits of e- contracts there are huge opportunities in its growth.
References
- DiMatteo, L. A. (2013). CONTRACT STORIES: IMPORTANCE OF THE CONTEXTUAL APPROACH TO LAW. Washington Law Review, 88(4), 1287-1322. Retrieved from https://search-proquest-com.libraryservices.yorkvilleu.ca/docview/1491801534?accountid=142373
- Staff, E. (2006). Legal issues of securitized auto loans in an e-contract world. Asset Securitization Report, , 1. Retrieved from https://search-proquest-com.libraryservices.yorkvilleu.ca/docview/195513318?accountid=142373
- Murray, J. E., J. (2000). E-contracts present courts with special legal challenges. Purchasing, 129(3), 119-120. Retrieved from https://search-proquest-com.libraryservices.yorkvilleu.ca/docview/214462870?accountid=142373
- Bernstein, G. L., & Campbell, C. E. (2002). Electronic contracting: The current state of the law and best practices. Intellectual Property & Technology Law Journal, 14(9), 1-11. Retrieved from https://search-proquest-com.libraryservices.yorkvilleu.ca/docview/227144152?accountid=142373
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