Introduction - Benefits and Challenges of Digital Contracts
Contract is a type of agreement where in one person makes the offer and another person accept it. For the contract to be successful it is very necessary that there is an offer and acceptance to that offer. In case acceptance is not there then it will not be treated as the contract. In the present case, the evaluation of the role of Technology within the improvement of the contract law will be outlined. It will outline the different law reforms which are required by the companies in England and Wales to stay competitive. In addition to this, study will also outline the benefits and drawbacks of using the technology within the consumer. In the end reflection relating to the development of the different kind of skills learnt during the study will be analysed.
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Evaluating the statement and listing benefits and drawbacks
Role of technology in consumer contract law
The consumer contract law is a legal binding agreement between the consumer and the company with regards to the transaction taking place between them. It is very necessary that effective contract is created between the consumer and the person dealing with contract. It is particularly necessary because when the contract will not be there then it will be impacting the overall working of the contract. Thus, this contract is a legal Foundation to the person that they have to buy the product or use the product in the intended manner only. Within the consumer contract law the role of Technology is increased. This is particularly because of the reason that in the current competitive environment the technology has been increasing and as a result of this the implementation of Technology within the consumer contract law is also very beneficial.
The major reason underlying the fact is that currently within the legal sector the technology and its uses is increasing. This when the effective use of latest technology will be implemented by the company or the people bounded within the contract will help in improving the terms of the contract. This is particularly because of the reason that with the use of Technology effective contracts can be created and proper tracking of this contract will be undertaken. Currently the modern technology is being used in order to manage the contract as well. The use of technology assists in automating the working and as a result of this the time consuming processes reduce. Thus, it results in reducing the time and ultimately the contract and its terms are improved.
Thus, as the use of technology is increasing so the use of blockchain based smart contractor also increasing. With help of the improvement within the technology is the blockchain technology is invented and it assists in making agreements which are based on the blockchain technology. The smart contracts are referred to as the self executing contract which include the terms and conditions between the parties and are written in a code language. This code is leveraged by the blockchain and completely decentralized. Hence, it helps in making the contractual transactions and helps in tracking deep of women easily and effectively. Moreover the smart contracts are currently trending because the use of latest technology implemented into it. And it is very necessary for the people within the contract that contract so that it can be monitor effectively and ensure that all the elements are effectively monitored so that the overall contract is managed properly.
Further with help of the evaluation it is evident that other than smart contract there are different kinds of Technology being implemented within the law. This includes the use of e signatures and distributed ledger Technology. These are the major enhancement being taking place within the use of technology in the law. In the current working environment the concept of e signature is also popular rising. This is particularly a concept which includes identifying the signatory based on the Technology. It is not necessary that the appropriate signatures are made and rather than the person could place their name being typed on the email along with the details of the contact and logo of the company. In addition to this the DLT or the blockchain technology is also another Complex process which is used for storing the data. This process assist in creating different blocks of Information and then these are join the chronological evidence a chain. As in when these chains are attached it cannot be removed from the process. The concepts of DLT will faster the trust between the contractual relation of the parties and all the information shared will be stored in a tamper proof blockchain.
In addition to this another Technology uses are also implemented within the consumer contract. The most common type of facility which is provided due to enhancement in technology is the asking of terms and conditions relating to the contract. As and when the website or any other contract is created the in the option of terms and condition is applied. And stay user has to first either agree or disagree to the terms and conditions and then accordingly the contract is created. The reason underlying the fact is that there are different kind of terms and condition attached to the working of the company. Hence, so for the consumer to deal with the company it is very necessary that appropriate terms and conditions are agreed by the consumer. In case they are agreeing to each and every condition listed within the contract. In case they are agreeing then they have to click on except and in case they do not agree to the terms and condition then they have to click on I do not except. This feature of taking acceptance before finalizing the contract is very helpful for the people within the technology
Benefits and drawbacks of using modern technology in consumer contract law
Benefits
There are many different types of the benefits which the people into the contract enjoy relating to the use of modern technology. For the success of the business and the contract it is very necessary for the people to implement the different modern technology within the consumer contract law. The different types of the benefits includes the following-
The most common benefit of using the technology within the consumer contract is the security. With the use of Technology smart contract are data encrypted and a tamper proof. They are highly secured and no other person can make any changes and is paperless contract.
In addition to this another benefit of using the technology within the contract law is the speed. With help of the automation the contract is implemented with speed and the process is also turn speedy. Thus, the use of automation within the CLM process assist in making it fast and is less prone to human error.
Along with this another benefit of using the modern technology within the contractor is the transparency. This is particularly because of the reason that all the working is based on the technology and the use of Technology ensures proper transparency. Any kind of amendment or change within the contract needs to be done with mutual consent and is reported. Thus, as a result of this no other change can be made within the working and every party will be acknowledged of the changes being made.
Drawbacks
By the evaluation of the above benefit it can be stated that use of modern technology within the contract is beneficial to both the parties. But there are some of the drawbacks as well of using the modern technology within the contract. Hence some of the drawback of using the modern technology within the contract is as follows-
The first and foremost drawback of implementing the modern technology is the legal ramifications. This is the biggest drawback of using the technology within the contract. It is particularly because of the reason that when there is any kind of change within the contract then it has to go through all the intermediaries and the lawyers and then this change or ramification is included within the contract. Thus, it increases the time and as a result of this the less time consuming process also becomes lengthy.
In addition to this another drawback of using the modern technology within the contract is that the flexibility is reduced. This is particularly because of the reason that when earlier contract were prepared then any change can be implemented at any time. But in the use of block chain every information is recorded and as a result of this any change made within it is difficult. Thus, it reduces the flexibility of the working and as a result of this the overall contract is delayed.
In addition to this another drawback of using the modern technology within the contract is that there is high reliance on the software. This is the biggest drawback of using the technology like electronics signatures and other because these are totally reliant on the software. In case there will be any issue within the software then the contract will be delayed and as a result of this the objective of the contract will not be attend on time.
Extent to which consumer contact law can ignore the modern technology
While working within the highly competitive environmental is very necessary for the consumers to compliers modern technology while coming in contract to any company. This is particularly because of the reason that when consumer will ignore the modern technology then it will not be providing the benefit of effective working within the contractual does it is very necessary for the consumer contract law to include the modern technology rather than ignoring it. For effective and successful working of the contract it is very necessary for the person to included the use of technology. In case the ignore the use of Technology then it will be negatively impact the contract. Along with this within this competitive environment the use of Technology will be improving the contract rather than affecting it negatively.
Benefit and drawbacks for the consumers with regards to changes made because of technological advancement
With the above evaluation, it is evident that the use of Technology advancement is beneficial for both the customers as well. This is particularly because of the reason that the consumers are in position to effectively continue the contract. The major benefit to the customer was adapting the changes made due to technological advancement includes upgrading the contract. When the latest technologies are used within the contract and it will help the customer in upgrading themselves. Thus, it will help them customer in upgrading themselves according to the latest technology and include all the factors within the contract. Thus, it will help the consumer in getting upgraded and all the working of the contract will be improved. On the other hand major drawback of using the technology advancement is that it is a long process. This is particularly because of the reason that when the technological changers take place then automatically it impacts the learning process. Hence, the consumers have to take efforts in order to learn all the latest technology and try to implement them within the contract. Hence it impacts the working of the contract and as a result of this the overall efficiency is reduced.
QUESTION 2
Reflective log
The working over the presence study based on W212 was very helpful in developing different kind of skills. This is particularly because of the reason that this present whole assignment was a good learning experience. The most common skill which was developed with help of this module was the researching skill. This is particularly because of the reason that within the legal working the use of research skill is very essential. Thus, as a result of this, overall research skill has been developed. This is particularly because of the reason that while solving any kind of case or simulating the case for learning, the use of effective research was necessary. Hence, with help of this skill, I was in position to develop effective researching skill which is helpful in solving the simulated and real case. During the course of module the research skill was very helpful because it helped me in conducting different assignments also in learning better.
In addition to the research skill the time management skill also enhanced with help of the present module. This is particularly because of the reason that for working within the legal industry it is very necessary that on time working is made. It is particularly because of the reason that when the time management will be weak then it will be impacting the overall working efficiency. Thus as a result of this the work will not be conducted in proper and effective manner. Thus, it is my responsibility that I ensure that each and every task is being done on time or before time. The preference is made for doing the task before time so that there is enough time to reach at the whole work and ensure that no discrepancy is left.
Further with help of this I was also in position to evaluate that effective communication skill is also very necessary while working with legal sector. It is particularly because of the reason that in case communication will not be good and effective than the case whose will not be solved effectively. Thus, it is my responsibility that I communicate effectively with each and every party involved within the case. This clear communication will help me in outlining the issues and problems being faced by the party. Hence, it will help me in collecting all the necessary information relating to the case and will help me and solving the case appropriately. Moreover the communication skill will also help me in improving my working capability and the way to deal with the people involved within the case.
With the help of the clear communication skill I will be in position to deal with any kind of person and it will help me in gathering the appropriate information relating to the case. Thus, as a result of this the whole incident was helpful in improving my communication skill. During a simulated case I miscommunicated some information to my assistant. Thus, as a result of this case was impacted and the wrong decision was taken. Hence, with help of this incident I evaluated that having a clear communication process is very necessary. In addition to this I also analysed that doing written communication is very helpful and beneficial for improving the communication. This is particularly because of the reason that the written communication can be used in future as well and can be kept as a proof for referring in future working. Thus, with help of this whole incident I learnt that doing clear and concise communication is necessary so that the case can be solved easily and effectively.
Conclusion
In the end it is concluded that the use of Technology within the contract is very necessary. This is particularly because of the reason that in case appropriate technology is implemented within the contract then it will improve the working efficiency of the contract. Thus, the above study concluded that the technology place a crucial role within the working of the contract. The major role includes the use of blockchain, Electronics signatures, DLT and many other different kind of latest technology. The use of all these technology is very beneficial for the person to make the contract successful. In addition to this different benefits for outline which included higher security, less time consuming, transparency and many other different benefits. In addition to these benefits some drawback we are also highlighted which included making legal ramifications, reduce flexibility and many other different kind of drawback. In the end it was inferred that the use of consumer contract law cannot ignore the modern technology. This is particularly because of the reason that technology is enhancing and effective implementation of it within the contract is very necessary.
