Explain the nature of traditional and E-Contracts.

Expert Solution

Traditional Contracts:This type of contracts involves two different parties along with their lawyers with a lengthy administrative process for agreement.Negotiation and other agreement documents are signed by both the parties and stored in a file cabinet for futhure reference.It can be of various types based on formation

bilateral contract
unilateral contract.
Express Contract
Implied in fact Contract

In terms of Enforceability the following are contract types

Valid Contract
Void Contract
Voidable Contract
Unenforceable Contract
Executed Contract\
Executory Contract

E-contracts:- E-contracts are also called smart contracts because they are the product of computer programming. These digital contracts are computer generated and required only digital signatures so the execution time for these contracts is very less. You can easily access these contracts anywhere without carrying the documents with you.

ekkarill92 answered 1 year ago

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Explain the nature of traditional and E-Contracts.

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