Dealing with the Legality of Digital Signatures

Taking a look at the contract laws of the United States and the different laws is what the Statue of Frauds is all about. You must take a look at the different and new forms of the commerce that are done electronically, and how the different and new relationships have started to be a challenge, when it comes to what a contract actually means. There are many new tribulations when it comes to new relationships dealing with contracts, because of the rise of electronic commerce. This has shed a new light on the definition of a signature, and with legally what constitutes a signature.


In most traditional sense, the Statue of Frauds is a term that gives rise to the different statutory provisions that will allow for the denial of the enforcement of different forms of contracts, unless these forms are done in writing and are also signed by the different parties. This would mean that all of the contracts done in electronic media were null and void. The premise is that there is no way to tell if the contract has been signed, and therefore no way to tell if it is legal.


The legal enforceability of some digital signatures are
not protected such as PKI signatures. Digital Digitized signatures are enforceable because they are covered under other commerce laws that deal with signatures along with E-sign and UETA. This is an area of the internet law that has been fairly well settled, so there is little reason to assume that this part is lacking attention.


PKI digital signatures are not handwritten signatures. These aren’t like digital digitized signatures, and they are used less often. There is a problem with PKI digital signatures, it does not pertain to what the signature means, or the legality. For all intents and purposes, the signatures that are done with PKI show a transaction has taken place. However, the problem lies in the fact that these signatures are created and found in ways that can’t be controlled. This is where the problems in validity lie.


If you are going to accept a PKI digital signature, you must be sure that you are controlling how the signature is obtained. The reason is that there are a lot of programs that can impart signatures and that can send them. Therefore, in order to make sure that the signature is collected legally, you must be responsible for how this is done. You have to ensure it is the signature that you intend to use. Otherwise, there is no way to prove that the signature is actually legal. You can’t rely on a typed name digital certificate, or a pin number to make it legal. It is the intent of a signer that put effort to show that a transaction took place.


Even though there are many problems, the idea of digital signatures is only going to get bigger in the future. This is because there are many transactions that will happen online and each company has to be prepared to figure out how to handle these without, making any legal problems. As a consumer you have to be sure you are reading everything completely and that you are making sure you are taking every chance to read the information before you click anything. If you are on the other end, you must be sure that you are obtaining digital digitized signatures this is the most legal way possible to do an e-contract. For more information on digital signatures visit http://www.signaturelink.com/

Taking Homeownership to the Next Level - eMortgages

In the past, a mortgage was the kind of paperwork that required endless meetings in stuffy conference rooms and a flurry of paperwork that needed to be signed by all parties. Hours were required to read through each packet of paperwork, and many times the documents were either not read at all, or the conscientious signatories would have to spend the better part of a workday in a conference room going through each piece of paper.


All this has changed with the arrival of eMortgages, the online extension of the mortage industry that permits for the process to now be handled electronically via the Internet. Just as legally binding as their papery counterparts, the eMortgage is a legally binding contract that has the backing of the Electronic Signatures in Global and National Commerce Act. Added protection to all parties is offered by the Uniform Electronic Transactions Act. SignatureLink can help you incorporate eMortgages into your business.


With the recent housing boom on the West Coast in particular, the usage of eMortgages has mushroomed, and consumers as well as mortgage companies hail the advent of the esignature as the new way of doing business in a society that more and more strives to become paperless. In the industry that creates these documents – known as the Mortgage Industry Standards Maintenance Organization eMortgage Workgroup – the big push toward standardization of eMortgage documentation, requirements and execution is bearing good fruit.


Data is now being standardized and electronic signatures are accepted for the execution of the documents online. Thus, these documents are legally binding and enforceable, protecting both the consumer and the bank, and permitting a new level of flexibility with respect to the speed with which transactions can be done from beginning to end. What used to take at least one month to accomplish, is now oftentimes finished in less than two weeks. This in and of itself offers the homebuyer a much needed edge in that it promises the seller a speedy transactions and money in their pockets faster and with less hassle. Lenders and borrowers alike have indicated that this is the kind of business they want to continue doing, and as such more and more lenders are jumping on the bandwagon of accepting this kind of eCommerce.


The time is not too far away when eMortgages will become the way of the doing business, and the times of sellers and buyers being stuck in stuffy conference rooms with attorneys, bankers, and clerks present will become a thing of the past.

For more information on doing mortgage contracts and signatures online go to
http://www.signaturelink.com