Artificial intelligence and e-contracts: A study
Ravinder Kumar · Tập san Khoa học và kỹ thuật trường Đại học Bình Dương · 2024
E-contracting has revolutionized modern business by streamlining and speeding up thecontracting process, turning what traditionally took months into a matter of days or hours. Advancesin artificial intelligence (AI) and widespread use of the Internet have greatly facilitated thistransformation. E-contracts comply with all required legal requirements and transform traditionalpaperwork into a digital format, enabling seamless transactions in global markets. The advent of econtracts has simplified purchasing processes, allowing consumers to order, cancel, return productsand make warranty claims online with unprecedented ease. This flexibility transcends geographicalboundaries, making both national and international transactions more simple and efficient. AI playsa key role in this new paradigm by providing tools that can review and manage large volumes ofcontracts faster and more accurately than human capabilities.The integration of AI into e-contracts has introduced new dimensions to contract management,including the ability for AI systems to enter into contracts autonomously, a previously unimaginableconcept. This development has sparked discussion over the future legal status of AI in contract law.Despite ongoing debates, the role of AI in contracting is increasingly being recognized, with newstandards emerging to address the unique challenges and benefits it brings. Major onlinemarketplaces such as Amazon, Flipkart and Alibaba exemplify the practical application of econtracts, providing users with a straightforward and efficient means to purchase goods and services.Ease of use, instant confirmation, and comprehensive post-purchase support, including cancellationsand returns, highlight the significant improvements that AI and the Internet have brought to thecontracting process.The integration of AI and e-contracts has fundamentally changed the way contracts are formed,executed and managed. This technological advancement delivers increased efficiency, accessibility,and reliability in modern business transactions, underscoring the profound impact AI will have onthe future of contract law and commerce.