The future economy, an “E-economy”, transforms how international trade participants conduct business. Due to this, ‘media-neutral rules that govern national and international transactions will become necessary.’
Electronic Commerce Law is not a traditional source of law but rather a new hybrid-law encompassing various pieces of old and new telecommunications legislation as well as the Common law.
The formation of electronic contracts in this new age of technology and era of globalization, initially caused a world-wide legal uncertainty as to how and whether electronic contracts concluded by electronic means can be recognized as valid and enforceable agreements.
In 1996, the UNCITRAL Model Law on E-Commerce was drafted in order to assist countries in drafting and enacting laws to enable electronic contracting. The UNCITRAL Model Law on E-Commerce extends the scope of the legal definitions of terms like "writing‟, signature‟ and originals‟ to cover electronic records. This was followed by the UNCITRAL Model Law on Electronic Signatures (which was created to deal with various inconsistencies in the creation and acceptance of electronic signatures). In 2005 the same body drafted The United Nation Convention on the use of Electronic Communications in International Contracts which sought to harmonize the provisions of the two model laws to form an international law instrument that could give guidance on electronic cross border contracts.
The formation of electronic contracts in this new age of technology and era of globalization, initially caused a world-wide legal uncertainty as to how and whether electronic contracts concluded by electronic means can be recognized as valid and enforceable agreements.
In 1996, the UNCITRAL Model Law on E-Commerce was drafted in order to assist countries in drafting and enacting laws to enable electronic contracting. The UNCITRAL Model Law on E-Commerce extends the scope of the legal definitions of terms like "writing‟, signature‟ and originals‟ to cover electronic records. This was followed by the UNCITRAL Model Law on Electronic Signatures (which was created to deal with various inconsistencies in the creation and acceptance of electronic signatures). In 2005 the same body drafted The United Nation Convention on the use of Electronic Communications in International Contracts which sought to harmonize the provisions of the two model laws to form an international law instrument that could give guidance on electronic cross border contracts.
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