Businesses and individuals throughout the world are discovering and exploring the Internet. People who have never met each other, and probably never will, are socializing, communicating and exchanging information through Bulletin Boards and Chat Rooms on the Net and on-line services. Some businesses are using the Internet to try to improve distribution channels and avoid competition for shelf space in retail locations. Still others are using the Net as an informational and communication tool for mass advertising, marketing and improving customer relations. Since the Internet is worldwide, vendors will have the opportunity for international business earlier than ever before. A major long term impact of electronic contracting is the downfall of labor costs. There no longer needs to be a laboring department of any sort if electronic contracting is incorporated in the nations business.
A major negative outcome of electronic contracting would be misinterpretations. Electronic contracting generally is not a common part of everyday life in the United States.
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7th Contracting Squadron PatchConsumers would inevitably find themselves signing contracts online but they would not really come into terms with the seriousness of the situation since most Americans are used to physically signing contracts and agreements. Another unfavorable outcome which would raise questions would be the requirements that certain contracts be "in writing" and "signed". Some questions would be: Are online contracts in writing? What would constitute the signature?
Electronic contracting is an important stepping stone for the future of E-commerce. Even though there still are certain questions with no answer in regards to electronic contracting, businesses whether small or large need electronic contracting for success in the demanding world of E-commerce of today.
Resources:
www.odmb.com: retrieved on October 22, 2004
Cheeseman, H.R, (2003). Contemporary Business & E-Commerce Law. Upper Saddle River, NJ, Prentice Hall