Global Legal Issues Of Online Contracts are Discussing In the physical world three elements must be satisfied in order to make a valid contract, namely, offer, acceptance and consideration. The same three elements must also be present in case of a valid online contract. An offer is a commitment with certain terms made to another party such as willingness to buy or sell certain product.
A contract is formed when a party accepts the offer of another party for consideration. Consideration is the agreed exchange of something valuable for both the parties such as money, property or services. For example, Mr. ‘A’ offers to buy a basket of apples for Rs. 200, which is accepted by Mr. ‘B’ and thus a lawful contract comes into existence between them. Here,Online Contracts consideration for Mr. ‘A’ is the basket of apples he is getting, and for Mr. ‘B’, Rs. 200 in exchange of his apples. In most cases when you click ‘I accept’ or ‘I agree’ button on a web page, it indicates your acceptance to the terms of a certain offer, and this can give rise to a lawfully binding contract (also known as a click wrap agreement).
It is not necessary to have a written Online Contracts in Legal Issues.
A contract is formed when a party accepts the offer of another party for consideration. Consideration is the agreed exchange of something valuable for both the parties such as money, property or services. For example, Mr. ‘A’ offers to buy a basket of apples for Rs. 200, which is accepted by Mr. ‘B’ and thus a lawful contract comes into existence between them. Here,Online Contracts consideration for Mr. ‘A’ is the basket of apples he is getting, and for Mr. ‘B’, Rs. 200 in exchange of his apples. In most cases when you click ‘I accept’ or ‘I agree’ button on a web page, it indicates your acceptance to the terms of a certain offer, and this can give rise to a lawfully binding contract (also known as a click wrap agreement).
It is not necessary to have a written Online Contracts in Legal Issues.
In online environment acceptances may be issued by an impostor/cheater that does not have authority to bind the online business. To overcome this problem companies and individuals can use digital signatures to establish identity in online transactions.
It is particularly desirable that where a Online Contracts is of significant amount, parties should require each other to use digital signatures to establish identity and to confirm that person making an acceptance has the authority to bind the company. Where due to the failure of a company to protect the passwords stored with it, an impostor is able to enter company’s system and accept an offer Global Legal Issues; a court might find such negligent company to be responsible for the breach of a contract. In such circumstances the company may be directed to fulfill the terms of the Online Contracts or pay compensation to the aggrieved party.
It is particularly desirable that where a Online Contracts is of significant amount, parties should require each other to use digital signatures to establish identity and to confirm that person making an acceptance has the authority to bind the company. Where due to the failure of a company to protect the passwords stored with it, an impostor is able to enter company’s system and accept an offer Global Legal Issues; a court might find such negligent company to be responsible for the breach of a contract. In such circumstances the company may be directed to fulfill the terms of the Online Contracts or pay compensation to the aggrieved party.
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