E- contracts in India

 E-contracts in India

Agreements have grown so commonplace in everyday life that most people are unaware when they have entered into an e-contract. We come across all forms of contracts in our everyday lives, ranging from purchasing a snack to purchasing airline tickets online. As the name implies, the Indian Contract Act of 1872 governs the formulation and execution of contracts in India.

The Act regulates how plans are fulfilled with mutual agreement and the consequences of a change in final courses of action. It provides a set of principles and controls that governs the improvement and execution of knowledge. The contracting party choose their own privilege and commitment to the organisation, as well as the reference of comprehension.

A court is responsible for determining what happens if the contract is not fulfilled. E-contracts are unique and significant because of their profitability, convenience, and speed. Consider the following scenario: one Indian and one American party wish to get into a contract. There are two options: either one party collects and signs the contract and couriers it to the other party, who signs the document and returns it, or the second option might be seen as the two parties agreeing to meet at a single location and create an agreement.

With the innovation and evolution of the digital world, the entire trade may be completed in a fraction of a second or less using only an e-copy of the contract and mutual agreement between the parties. It is no longer necessary to have money in order to go long distances and wait for couriers. There has always been a debate amongst the authorities in charge of making laws regarding the growth of e-contracts, but now practically all nations have e-contract legislation.

In the case of e-agreements, customary laws are insufficient to address all of the issues that arise. In India, the basic laws relating to contracts are The Indian Contract Act 1872, which today lacks many aspects to address the issues that arise from E-Contracts. The Information Technology Act of 2000 was enacted by India's parliament to address the issues that may arise in the course of events and the approval of electronic contracts.

With the rise of development and e-commerce, e-contracts are becoming more popular, particularly in India. The most important part right now is the law that encompasses all aspects of e-agreements, from downloading a small app to creating and launching one; everything can be done through the digital medium. The advancement of rules like these will restrict the evolution of websites and how they generate money.

They will be constantly monitored by law enforcement, which will lower the rate of crime and fraud. The IT Statute of 2000 included many sections relating to e-contracts and penalties for identity theft, forgery, and other crimes, but there is no act that specifically addresses the establishment of e-contracts.

There is a need for an expert to sit in the consumer court and resolve all of the people's complaints about e-agreements. E-contracts have the potential to become a significant component in the country's development and success.

Reference: 

1. Avtar Singh, Contract and Specific Relief, Eastern Book Company, 12th Edition.

2. Indian Contract Act, 1872.