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E-Contract Importance

Essay by   •  July 9, 2019  •  Research Paper  •  2,986 Words (12 Pages)  •  47 Views

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Assignment II

Short Questions

  1. What is e-contract? List its types.

E-contract is any kind of contract formed in the course of e-commerce by the interaction of two or more individuals using electronic means, such as e-mail, the interaction of an individual with an electronic agent, such as a computer program, or the interaction of at least two electronic agents that are programmed to recognize the existence of a contract. Types of e-contract are:

  • Shrink Wrap Contracts
  • Click Wrap Contracts
  • Browse Wrap Contracts
  1. List the components of e-contract.

Components of e-contract are:

  • Offer
  • Acceptance
  • Lawful consideration
  • Free consent
  • Electronic means
  1. Define Digital signature and encryption technique used in e-business.

Digital signature is the digital code (generated and authenticated by public key encryption) which is attached to an electronically transmitted document to verify its contents and the sender's identity.

Encryption is the translation of data into a secret code. Encryption is the most effective way to achieve data security.

  1. List Characteristics of online distribution.

Followings are the characteristics of online distribution:

  • Electronic marketplace
  • Electronic transaction
  • Non availability of middleman.
  1. What is Hybrid distribution channel?

Two or more marketing channels set up by a single firm to reach one or more customer segments is known as hybrid distribution channel.

  1. Mention the Characteristics of e-payment system.

Following are the characteristics of e-payment system:

  • Online transaction
  • Online security
  • No need of cash
  • Authentication
  1. Mention the Applications of IPSec. In e-business.

  1. List any two advantages of e-contracting

Following are the two advantages of e-contracting:

  • Time saveing
  • Electronic recocrds are more safe
  1. Why data standardization required in e-business?

Data standardization is required in e-business because data do not have specific arrangemnets so, they are needed to be kept systematically which could be understood by everyone. Hence to make data more specific and useful data standardization is required.

  1. Define online and offline distribution channel.

Distribution system involvement of internet and supporting technology then it is said to be online distribution channel where as phycal process is involved in distribution then it is said to be offline distribution channel.

  1. List some characteristics of online payment system.

Same as question no.6

  1. Differentiate between e-cash and e-cheque

E-cash is a online cash that is used as a equivalent to cash for eg. Amount in e-sewa and other various online payment app and e-cheque is an online cheque which can be converted into the cash but can’t be used as cash.

  1. What is smart card?

Smart card is a kind of digital card that involve all the information regarding an individual and can be used for various purpose.

  1. What is EFT?

EFT is the process of transferring fund fronm one point to another point by usineg electronic process.

Long questions

  1. What are the advantages and disadvantages and threats of e-payment system for the various stakeholders involved?

An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It’s also called an electronic payment system or online payment system.

Some of the advantage and disadvantage are enlisted below:

Advantages

  • Time saving
  • Expenses control
  • Reduce risk of loss
  • User friendly
  • Convenience

Disadvantages

  • Threat of being hacked
  • Threat of being loss of traction data
  • Lack of anonymity
  • Requirement of internet connection
  • Threat of false transacyion

  1. How can effective and efficient operations management deliver competitive advantage to organizations? Think of two examples of firms or sectors for which the advent of the internet has altered operational process.

Firms with a competitive advantage over others typically have access to special resources that others do not or are able to use resources more efficiently, resulting in higher revenue growth, profitability, or productivity growth (efficiency), all of which ultimately in the long run translate into higher stock market valuations than their competitors.

Company can get various advantages with use of effective and efficient operation management to gain competitive advantage such as:

•        Low-cost leadership:

Use information systems to achieve the lowest operational costs and the lowest prices. For example, a supply chain management system can incorporate an efficient customer response system to directly link consumer behaviour to distribution and production and supply chains, helping lower inventory and distribution costs.

•        Product differentiation:

Use information systems to enable new products and services, or greatly change the customer convenience in using your existing products and services. For instance, Land's End uses mass customization, offering individually tailored products or services using the same production resources as mass production, to custom-tailor clothing to individual customer specifications.

•        Focus on market niche:

Use information systems to enable a specific market focus and serve this narrow target market better than competitors. Information systems support this strategy by producing and analyzing data for finely tuned sales and marketing techniques. Hilton Hotels uses a customer information system with detailed data about active guests to provide tailored services and reward profitable customers with extra privileges and attention.

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