“Identification sign”,
means the sign allotted by the person
licensed to authenticate electronic
transactions to the person concerned
to use, from the receiver in order to
distinguish data messages issued by
such person from other messages ;
"Financial institution",
means the licensed bank or financial
institution
authorized
to
make
financial transactions in accordance
with applicable laws ;
"Electronic instrument",
means financial or commercial paper
which is negotiable electronically .
Chapter II
Electronic Contracting
Declaration and expression of will
3.
The data message shall be deemed as a means of :(a) declaration of rendering a service, or commodity;
(b) expression of will totally, or partially, for the manifestation
of offer and acceptance, with the view of establishing
contractual obligation .
Validity of the electronic contracts
4.(1) Electronic contracts shall be correct and valid when offer and
acceptance coincide through data message exchanged by the
parties to express two wills which coincide on the subject matter,
and put obligation on each other.
(2) Notwithstanding sub-section (1) the parties may agree that the
contract shall be correct and valid if the will is expressed partially
through data message.