Evolving Dynamics
Soha Tripathy, Karunya Swaminathan, Sheetal Bhadoriya, Abhilash Arun Sapre, Shalini Singh · Advances in business strategy and competitive advantage book series · 2024
The use of Artificial Intelligence (AI) in contracts is changing traditional legal structures introducing new elements in how contracts are created carried out and enforced. This research study delves into the effects of AI on contracts looking at legal, technological and practical consequences. Through examining survey data from experts, businesses and consumers as well as conducting detailed interviews and case studies the study uncovers how AI improves efficiency and precision in contract procedures while presenting challenges related to transparency, responsibility and legal adherence. The results emphasize the necessity for updated structures and recommended practices to handle AI related matters effectively ensuring strong and fair contract administration in todays digital era. Policy suggestions are given to enhance transparency, responsibility and legal compliance to contribute to the conversation, on AI and contract law. This study offers perspectives with the goal of bridging existing gaps in current research and guiding future advancements in AI driven online contracts.