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After clicking on the “I agree” button, it means that we have accepted all the written terms of the agreement. Such types of agreements are less negotiable and the user must accept it if he really wants to use this software or anything else related to this agreement. Shrink film contracts, as we will see, have a distinct advantage over other types of electronic contracts, as their acceptance can be reversed by returning the product. Like an ordinary contract, electronic contracts consisting of an offer and an acceptance are enforceable. The behavior of the parties, such as exchanging emails or accepting a condition or conditions or by downloading, may also involve a contract. Different procedures are available for the conclusion of electronic/online contracts: once the parties have concluded the contract according to their interests, the execution phase by electronic signature is the next step. The IT Act recognizes two types of signatures: digital signatures generated by an asymmetric cryptosystem and a hash function, and electronic signatures defined in its second calendar, where the user of an Aadhar card is assigned a unique identification number through which he can electronically sign documents via third-party forums (often by generating a one-time password). Section 5 of the Information Technology Act defines electronic signatures as a wide range of ways to sign a document, while a digital signature is a type of electronic signature that uses cryptography. Now that we know what constitutes an electronic contract, let`s look at the different types of electronic contracts. As a general rule, most electronic contracts such as non-disclosure agreements executed and digitized to the other party, as well as wrapping click agreements on e-commerce websites that contain “electronic signatures”, may not be enforceable due to the series of judgments read with stamp laws in this regard.

Difficulties arise when courts refuse to implement the provisions of these electronic contracts, including the arbitration agreements contained therein. In a recent decision of the Bombay High Court, the Bombay High Court ruled that interim measures under section 9 of the Arbitration and Conciliation Act cannot be granted if the agreement giving rise to the dispute is subject to stamp duty but is not or insufficiently stamped. Similarly, recent changes to stamp laws (as of April 24, 2015) have increased the maximum penalty for non-stamping to 4 times, compared to twice the stamp duty previously payable. India`s information technology laws have come a long way since the introduction of the Information Technology Act in 2000. However, many aspects of an online contract, especially signing and stamping requirements, remain uncertain and confusing. The current trend towards demonetization and digitization seems to be a necessity, and we sincerely hope that the government will take appropriate measures in this regard to eliminate all uncertainties regarding the validity of electronic contracts. In addition, the Maharashtra E, 2013 registration and e-filing rules facilitate the online payment of stamp duty and registration fees. The rules also make the capture of electronic signatures or biometric fingerprints mandatory, which strengthens the recognition and legal validity of electronic contracts. Now that we`ve gone through the different types of electronic contracts, the question remains whether they`re right for your business. Contracts that are not paper-based and are created electronically are called electronic contracts. Normally, these contracts are concluded for a rapid conclusion of the contract.

This type of contract plays the best role when the contracting parties live in different parts of the world and it is very difficult to meet in reality due to the great distance. They can easily conclude contracts and meet their requirements online. Electronic contracts not only save time and speed up the process, but are also beneficial and easy for the parties to store and manage contract documents. If one of the parties wants to recover the terms of the contract that they forget, they can easily read them again in a few clicks. All essential elements of contract law also apply to contracts concluded electronically or orally. One often wonders how old and conventional concepts of contract law are applicable to new and innovative types of technologies, leading to a dilemma. However, the bases and characteristics of electronic contracts remain the same as those of paper contracts to date. .