Contract in electronic commerce

Abstract

Commerce is the exchange of goods, services and financial instruments conducted by procedures which define a set of properties sufficient to insure valid and effective transactions. Electronic commerce is commerce conducted using computer network protocols as the communication medium. If these network protocols have the same properties as the procedures used for non-electronic commerce, then electronic commerce will support equally valid and effective transactions. Forum is a system for electronic commerce designed for general forms of commerce rather than specific transaction types. It includes protocols which support the contractual and structural properties of non-electronic commerce, as well as the security properties necessitated by both the value of the exchanged items and the additional risks of the communication medium.