Electronic Business Impact And Potenital

With this staggering growth, as more and more people opting to buy things on Internet, this increasing enthusiasm has led to make new laws to protect the costumers. When on September, 16, 1999, Ex-Governor, Gray Davis signed Bill 820, made California the first state to adopt Uniform Electronic Transaction Act (UETA). The underlying purpose of the Act is to ensure that electronic contracts (records and signatures) have the same legal effect as their hard copy counterparts. The proponents of the Act claim that with the passage of the bill, the business community and the online costumers will greatly be benefited. The questions that arise here are how this growing trend affects the only business and if there is any drawbacks.
This is a revolution that electronic contracting is low-cost and quicker way of transaction than the conventional paper contracting offering brand new opportunities to both buyers and sellers. The spontaneous expansion of electronic transactions during the last decade has expedited the efforts to correspond the law that govern the international commerce transaction. On the other hand, implementation of IT for the support of B2B electronic transacting needs an exact account of the actions that are to be performed by both consumers and the sellers. As we notice during the last few years that people all over the world are buying more and more goods on Internet and it is a fact that now internet business cross the barrier of trillion-dollar benchmark, this mega increase in the business activities really push the business. The effect of electronic contracting on nation's business is very much positive and with the increasing technological advances, transaction accrued through electronic contracting is becoming safe and reliable. But, still some experts are not satisfied with this new kind of business transaction and they demand more safeguards to protect the money and the privacy of the costumers and especially to avoid any theft and fraud. But the proponents of the Internet contracting are very much optimistic and they are on the view that complaints about fraud are few and less. It is possible that changes now taking place in the electronic contracting technologies may significantly change the terms of this debate.
Transaction through electronic contracting can take place by three modes shrink wrap contract, click wrap agreement and browse wrap transaction. Although the first type of transaction (the shrink rap) has been around for some time and actually exists in a paper environment, the other two types of transactions (click wrap and browse wrap) are unique to electronic commerce. But all of the above modes of transaction through electronic contracting have loopholes in the systems  the main is the assent of the costumer. Here an important question is that when any website offering any product or service what constitute a real conduct for getting assent through terms and conditions. It is generally observed that most of the costumers show haste while clicking the order button and they don't bother to read the Terms and Conditions of the website this very omission may cause them that they didn't expect in the first place.

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