Law 421 Week 3

Week 3 Article Review With the rapid growth of e-business it is no small wonder why businesses today are taking advantage of the online market. The overall convenience and lack of complexity with buying products and services online has converted most of the public to shopping via the internet. Any business that sells a service or product must strongly consider the fact that being without a website or means for the public to shop online will only hinder the business’ profits and any chance for future development. Many small businesses are realizing first hand that the lack of e-business will ultimately make their companies obsolete. E-business is not without fault though. There are many issues that revolve around the legality of contracts and ownership of property and services. When buying or selling goods and services online, both the buyer and seller agree to a mutually binding contract that ensures the satisfaction and legitimacy of the transaction. A contract is a legally enforceable agreement between individuals or parties that promises a good or service in exchange for something else (Shefrin, 2006). Generally, contractual agreements need certain elements to make them legitimate. The first set of elements include; mutual assent, an offer, and acceptance of the offer (Shefrin, 2006). Also, both parties must have the capacity to understand the terms, conditions, consequences, and legal purpose of the agreement (Shefrin, 2006). When preparing a contract, it is vital that the contract is clear and concise so that there is no confusion to the mutual agreement. Since buying online generally only requires a credit card and a little information regarding identity, it can only take a few clicks of the mouse to buy nearly anything available via e-business. That is why contracts are vital to the transaction. Before anything is bought or sold, both parties understand the terms and agreements regarding the transaction. That way if any issues arise

Citations: Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY. McGraw-Hill/Irwin. Shefrin, D. (2006). Contracts: Deal or no deal? PT, 14(7), 34-36. Retrieved from http://search.proquest.com/docview/216815631?accountid=35812