What are eContracts? | A complete explainer

Summary

Welcome to the second post of The eContract Bulletin.

In this post, we answer the question: What is an eContract?

The eContract Bulletin #2: The first principles of eContracts — Physical contracts — the problem eContracts solve

What are the legal requirements to create a contract in India?

Section 10 of the Indian Contract Act defines what agreements are contracts — requiring free consent, competent parties, lawful consideration, lawful object, and that it is not declared void.

The eContract Bulletin #2: The first principles of eContracts - Section 10 of the Indian Contract Act — Section 10 of the Indian Contract Act lays down the 5 ingredients to a valid contract

The eContract Bulletin #2: The first principles of eContracts - food analogy for contract ingredients — Just like tasty dishes need all ingredients, valid contracts need all elements in Section 10

Signifying consent to contract

Section 3 of the Indian Contract Act lays down the core process for consenting to a contract. Consent can be given by any act or omission intended to convey acceptance.

The eContract Bulletin #2: The first principles of eContracts - Section 3 of the Indian Contract Act

eContracts are creatures of operation – not of law

There are no special laws for eContracts. The Indian Contract Act applies to eContracts as much as it does for physical contracts. For a contract to be an eContract, it must be drafted, stored and exchanged digitally, AND digitally executed.