Electronic Signatures in Commerce
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Companies have recognized the significant advantage that the Internet offers in terms of reaching customers, managing their supply chains, and implementing just-in-time inventory management systems. However, the issue of electronic contracts has been difficult from the beginning of electronic commerce. There are many types of electronic contracts that exist on the Internet, including credit card agreements, leasing agreements, and traditional contracts entered into between one company and another. Verifying signaturesłthat is, ensuring that the signature attached to a contract is validłhas always been a key part of conducting business; when the parties are located around the world and without physical contact, however, it becomes even more challenging. This research considers the Electronic Signatures in Global and National Commerce Act, also known as the Federal Electronic Signature Act or E-Sign, and its effect on electronic commerce.There are many challenges associated with online contracts. The most obvious is ensuring that the person signing the contract is, in fact, the person whose name appears on the contract. When contracts are executed in person, all parties to a contract can request identification from the other parties to ensure that the individuals are who they say they are. Notaries are often used to verify signatures in order to reduce the likelihood of fraud in these types of transaction, for example. The fax machine i
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ectronically. In addition, the act requires that parties to the contract agree that they have access to all appropriate documentation related to the contract, and that they are agreed to whatever stipulations might be contained in that contract (Lew 1).
Fundamentally, E-Sign answered the question of whether clicking the "I Accept" box on a computer screen constituted a valid signature for contractual purposes: under the Act, it does. Thus many contracts, including simple credit card purchases, purchase order purchases and many other contracts associated with the Web became much easier to execute on both a national and international level (Bills 1).
Whether intentional or not, the legislation had the immediate effect of making it easier to transact certain business over the Web rather than in person. For example, when leasing or buying a car, federal law requires that the dealer issue a truth-in-leasing or truth-in-lending document to the customer prior to the customer signing the loan or lease documents. When the transaction is conducted in person, the law requires that the dealership go through the document with the customer point-by-point. Under E-Sign, the dealer is required to obtain the customer's consent to make the
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Approximate Word count = 1212
Approximate Pages = 5 (250 words per page)
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