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Electronic Business Communications

Legal Issues Surrounding Electronic Business Communications

Innovative technological advancements over the last few decades have increased the methods by which companies can communicate and transact business. In particular, these technological innovations have provided companies with opportunities to improve their profitability, efficiency, speed, competitiveness and customer relationships (Cordy, 400). Much of this new business activity falls under the heading of ôe-commerceö or electronic commerce, whereby companies transact business electronically rather than the more traditional face-to-face meetings or written document exchanges. At their base, however, business transactions remain essentially the same: one entity contracts with another for the provision of a product or service. However, the methods by which many of these contracts occur today have required the adaptation of existing laws and the development of new laws to ensure the continued protection of commercial actors. This paper explores these legal adaptations and developments.

The Increase in Electronic Business Transactions

Electronic business communications and transactions have become, in many arenas, the preferred way of transacting business today (Cordy, 400). For example, according to Forrester Research, the world Internet economy was expected to reach $1 trillion dollars by the end of 2001 (Cordy, 400). Moreover, online electronic business transactions in the United States were expected to exceed $6 billion that year, with sixty percent of the world on-line population and 50 percent of on-line sales being made outside of the United States by 2003 (Cordy, 400). Predictions estimate North American electronic commerce transactions will reach $6.9 trillion in 2004 (Cordy, 400).

Thus, it is no surprise that over 65 percent of all businesses in the United States, and over 50 percent of businesses around the world, are believed to engage in some ty...

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Electronic Business Communications. (1969, December 31). In LotsofEssays.com. Retrieved 01:10, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1701498.html