Electronic trading: legal framework of electronic contracting in Republic of Srpska
Electronic trading: legal framework of electronic contracting in Republic of Srpska

Summary/Abstract: Contracts have become so common in daily life that most of the time we do not even realize that we have entered one. For traditional contracts, there are some required elements for validity, such as an agreement, consideration, contractual capacity and lawful object. In the modern fast life, it is not possible anymore to limit a business only to traditional contracts, which means to a piece of paper signed between contractual parties by hand. If we look at the past decade, we need to bear in mind that new way of communication made new types of electronic agreements necessary. It is quite true that today it is possible to complete a whole transaction in seconds, with both parties simply affixing their digital signatures to an electronic copy of the contract. In terms of the increasing use of electronic contracts, as a much faster way of doing business, it became necessary to introduce a legal regulation on it. Surely, between traditional contracts and electronic contracts there is one main difference; electronic contracts must be concluded electronically and there is no hard copy of the contract or papers nor signatures made by hand. Thanks to the existence of a legal framework of electronic contracts, there is no doubt that electronic contracts are as legally enforceable and valid as traditional contracts. This work considers general rules on electronic contracting (e-contracting) and proposes an interpretation on how the Republic of Srpska regulate electronic contracting or attempt to regulate electronic contracting.

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