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Traditional contracts and online contracts differ significantly in their formation, execution, and enforcement, primarily due to the influence of technology and the internet. Traditional contracts are agreements created, signed, and executed in physical form. They usually involve parties meeting in person, negotiating terms face-to-face, and using handwritten or printed documents signed with physical signatures. These contracts have long been the backbone of commercial transactions and legal obligations. On the other hand, online contracts, also known as e-contracts, are agreements formed, executed, and maintained digitally over the internet. They can be entered into without physical presence, utilizing electronic means such as emails, websites, mobile applications, and automated systems. One of the fundamental differences lies in the mode of communication and execution. Traditional contracts rely on tangible, paper-based communication where the terms and conditions are physically documented, and consent is established through handwritten signatures. Online contracts, however, are formed through electronic communication, such as clicking on “I Agree,” entering digital signatures, or automated acceptance in an IoT-enabled ecosystem. This difference in execution introduces efficiency in online contracts by eliminating geographical constraints and reducing time and cost, which are inherent in traditional contracts. For instance, in IoT-enabled supply chain management, contracts can be automatically triggered and executed when predefined conditions are met, something impossible ___ ____ ________ ________ ____ _________ ____ __________.
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