#digital contracts

[ujaglobaladvisory]

Digital Contracts and E-Signatures - Legal Validity and Enforcement under Indian Contract Law

Digital Contracts Under Indian Law

Digital contracts hold the same legal status as traditional paper-based agreements in India, provided they meet the essential elements of a valid contract. These essentials include a lawful offer and acceptance, lawful consideration, the capacity of parties to contract, free and genuine consent, a lawful object and the agreement not being expressly declared void. Indian law does not mandate that a contract must be in written or physical form unless required by specific statutes. This means that agreements formed through electronic means such as emails, digital platforms or mobile applications are legally valid and enforceable, as long as they satisfy the foundational requirements of a contract.

This legal recognition facilitates seamless and efficient contracting in the digital age, without compromising on legal certainty. While the Information Technology Act recognizes contracts formed through electronic means, the absence of a digital signature places the burden of proof on the party asserting the contract’s validity to prove its authenticity and enforceability.

Electronic Signatures (E-Signatures)

In India, the provisions of the IT Act and the Indian Contract Act 1872 govern digital contracts, additionally the Bharatiya Sakshya Adhiniyam, 2023 has modernized the evidentiary framework to effectively accommodate the realities of the digital age, including the growing use of digital contracts. Under Sections 61 and 63 of the Bharatiya Sakshya Adhiniyam, 2023, digital contracts executed and stored electronically are legally recognized as admissible evidence, provided certain conditions are met. The law treats such electronic records as valid documentary evidence, even in the absence of a physical original, as long as the integrity and authenticity of the record can be established.

[cryptomadesimple]

🤖 What Is a Smart Contract? 🤖

Imagine a contract that runs itself without lawyers, banks, or middlemen. That’s a smart contract!

✅ They’re digital contracts that execute automatically. ✅ Built on blockchain – No one can alter them! ✅ No need for trust – The code enforces the rules.

🚀 Examples of Smart Contracts: 🔹 NFTs: Digital ownership on the blockchain. 🔹 DeFi: Loans & trading without banks. 🔹 DAOs: Decentralized communities running on smart contracts.

📩 Have you used a smart contract before? Let’s talk! 🔁 Reblog if you think smart contracts are the future!

[keymintt]

midnights full of music

(another traffic box illustration set!!)

[market-insider]

Driving Efficiency with Smart Contracts: Market Trends and Analysis

The global smart contracts market size is expected to reach USD 73,773.0 million by 2030, expanding at a CAGR of 82.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Digital transformation within the BFSI industry has played a crucial role in driving the adoption and growth of smart contracts by providing the necessary technological infrastructure and creating new use cases for smart contracts. In the BFSI industry, smart contracts can improve processes such as mortgages and loans by reducing the need for intermediaries and creating efficient, transparent, and secure processes.

Gain deeper insights on the market and receive your free copy with TOC now @: Smart Contracts Market Report

Artificial Intelligence (AI) and Machine Learning (ML) are playing an increasingly important role in the smart contracts industry. By integrating AI and ML algorithms into smart contract platforms, businesses can enhance the capabilities of their contracts, making them more efficient and reliable. AI and ML can also be used to enhance the security of smart contracts. Businesses can create more secure and trustworthy contracts by using advanced algorithms to detect and prevent fraudulent activities.

Hybrid smart contracts are an emerging trend in the smart contract industry. Hybrid smart contracts seek to address the limitations of both conventional legal contracts and smart contracts by combining their best features. They are typically written in natural languages, like conventional legal contracts, but are also equipped with self-executing code, like smart contracts.

The COVID-19 pandemic had a positive impact on the smart contracts industry. The pandemic has increased investment in blockchain technology as businesses and governments seek to develop more secure and efficient systems for managing data and transactions. Smart contracts are a key component of blockchain technology, and increased investment in blockchain will likely drive demand for smart contract development and adoption.

[fayette0]

I promised you a contract.

[chechula]

I spent an hour going through mountains of paper to find bills for tax return...so I found this comic I drew last year and never published :D Every year I remind myself to separate papers with accouting from paper with drawings. Each year I fail. At least this year I had no sketches on my work contracts....

[dawnshadeart]

The contract

[aureoboros]

wyll in a flowy shirt: the sequel

[eggsyumyum]

firebug's solo snow mission ❄️

[herylonboard]

[theythemmer]

••this is not what i had planned••

[moraent-keys]

I got a new brush and it’s making me very confident hehe

[spiderfonzy]

The Contract

By Twenty One Pilots

[oddles-art]

better try to breathe

[aliienlynn]

••hallucination

it’s this dude’s day today. happy birthday josh <3