Asked by Songqing Jiang on Jun 30, 2024
Verified
Discuss the elements of a contract required for electronic commerce transactions.
Electronic Commerce Transactions
Business dealings conducted over electronic systems such as the internet, including buying and selling goods or services and the transfer of money.
Contract Elements
Essential components required for a legally binding contract, including offer, acceptance, consideration, capacity, and legality.
- Evaluate the enforceability of electronic commerce agreements.
Verified Answer
AS
ARSHDEEP SINGHJul 02, 2024
Final Answer :
The legal status of an electronic commerce transaction is determined by contract law. Contract law specifies there must be five elements satisfied in order to form a binding contract. The elements include consensus, consideration, capacity, legality, and intention. Written evidence of a contract, while not generally required, is a sensible thing to have. In some cases, under the Statute of Frauds, writing and signatures are required for the transaction to be legally enforceable.
Learning Objectives
- Evaluate the enforceability of electronic commerce agreements.