Saurabh Singh, Dr. Rajendra Prasad National Law University
ABSTRACT
This study investigates the function of electronic contracts (e-contracts) within the digital economy, concentrating on the difficulties they pose and possible legal remedies. E-contracts have gained prominence in enabling digital transactions across diverse industries, such as e-commerce, finance, and technology. Nonetheless, their execution encounters numerous considerable obstacles.
Jurisdictional conflict from cross-border transactions, fraud and security issues, and consumer protection are also some of the challenges. Specifically, the absence of a harmonised global legal framework creates an additional complexity in enforcing e-contracts, particularly in the event of a dispute between parties from different countries. Cyber threats like hacking and identity theft also make digital contracts vulnerable and add another layer of complexity to their security and authenticity.
The research gives several legal solutions to the challenges identified. These are the harmonisation of electronic contract legislation through international agreements, the reform of national law to make it better accommodate digital transactions and the development of new consumer protection policies. Finally, technological advancements like blockchain and smart contracts are analysed as potential means of ensuring greater security and automatic execution of contracts.
This research methodology will combine doctrinal legal analysis with empirical data gathering through interviews and surveys conducted with industry stakeholders. Case studies are used to show the practical ramifications of the existing legal frameworks and obstacles that have been faced in enforcing electronic contracts.
The results show that, though electronic contracts are essential for the digital economy, they still require significant legal and technological reforms to ensure reliability and enforceability. The study concludes with a recommendation for a coherent global legal framework, modernisation of national legislation, enhanced consumer protection, and security protocols as priorities in the implementation of electronic contracts.
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