What will be the long-term impact of electronic contracting on the nation's business?
I believe that electronic contracting will increase within the nation's business. The long-term impact on the nation's business will be increases in efficiencies and lowers costs for the nation's business. By using electronic contracting, a business can legally process and maintain paper contracts. For example, AIU Online uses electronic contracting. Each student has the option to electronically sign the student handbook or print it and send it to AIU. Electronically signing a contract is a faster and easier way for all parties involved.
What are the potential pitfalls you see with electronic contracting?
In the future, issues of technological obsolescence will surface as older records and data must be converted to newer storage media. There will be a constant need to adapt and improve the systems that are being used to facilitate electronic contracting.
There will also probably be newer laws that will come about in the future.
The public must realize that electronic transactions must be taken seriously and should not be entered without an understanding of both the relevant security issues as well as the legal ramifications of their electronic actions.
The law must be flexible in order to grow and adapt to meet the challenges presented by the technological revolution. This legislation is a bold step toward that goal and permits capable parties to utilize recent innovations to increase efficiency and save money in e-business.