An electronic transaction refers to the use of computers or other electronic devices for buying, selling, or exchanging information. It involves sending messages without the need for face-to-face communication and does not require manual verification before becoming a contract.
Electronic transactions are conducted through electronic messages, such as when making online purchases, transferring money between bank accounts, or signing documents electronically. In these transactions, the parties involved exchange messages without the need for individual review as part of the contract formation process.
Yes, electronic transactions are legally binding as long as they meet the requirements of a valid contract, such as offer, acceptance, consideration, and intention to create legal relations.
Electronic transactions are governed by various laws, including the Electronic Signatures in Global and National Commerce Act (ESIGN Act) in the United States and the eIDAS Regulation in the European Union.
Yes, electronic signatures can be used in most types of transactions, including contracts, agreements, and other legal documents. However, certain documents, such as wills and some real estate transactions, may require specific formalities and may not be suitable for electronic signatures.
To ensure the authenticity and integrity of electronic transactions, various security measures can be implemented, such as using encryption technology, digital certificates, and secure authentication methods.
Yes, electronic transactions can be used as evidence in court, provided that they meet the requirements of admissibility, such as being properly authenticated and meeting the rules of evidence.
Yes, there are specific requirements for electronic transactions involving sensitive personal information, such as the need to comply with data protection and privacy laws, including obtaining consent and implementing appropriate security measures.
Yes, electronic transactions can be conducted across international borders, but it is important to consider the legal requirements and regulations of each jurisdiction involved to ensure compliance.
Yes, electronic transactions can be revoked or canceled, but it may depend on the terms and conditions agreed upon in the transaction or the applicable laws governing the specific type of transaction.
Yes, there are limitations and risks associated with electronic transactions, such as the potential for technical failures, security breaches, and the need to ensure compliance with applicable laws and regulations.
Yes, electronic transactions can be used for B2B transactions, and they are increasingly being adopted by businesses for their efficiency, cost-effectiveness, and convenience. However, it is important to ensure that the electronic transactions comply with any specific requirements or regulations applicable to B2B transactions.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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