From Typical Contracts to E-Contracts Assignment

From Typical Contracts to E-Contracts - Assignment Example Therefore it is advantageous as it saves both consumers the time they would have used to travel to the signing offices. Third, the technology has greatly improved efficiency in the real estate sector hence resulting to reduce â€Å"contract-to-closing times.† Also, the electronic contract system reduces deforestation. This is because it has eliminated the use of papers for documentation. Instead, it uses CD’s where the signed documents are stored and issued to the consumers. In addition, the new procedures favor consumers who do not like to reveal their identity. This is because there is no eye contact between the buyer and seller. The only person who gets to meet the consumers is the attorney thus providing privacy to those who value their personal privacy. From the 1st classmate, I would agree with him that it feels different while closing deals through electronic system compared with the traditional way. Despite the difference in two methods, both need much attention as a way of maintaining accuracy. By using this method, consumers risk losing nothing since they are guaranteed protection from the real estate companies. None of their protection will be jeopardized in electronic contracts since all procedures are done in private. To the 2nd classmate, I think you should end the doubts you have towards the e-contract system. It is true people rarely read the whole contract but with the use of e-contracts, one can read them faster than reading hard copies . The search and find tools make all the difference thereby making the transactions easy and transparent. In addition to this, conditions precedent adhere to thereby the whole procedure is done under the discharge performance rule. By this, it means that the completion of the consumers’ contract can only be done through following what was promised before the signing of that contract.