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Internet has unfolded a new market for businesses to explore and exploit. The enormous flexibility and speed of Internet makes it the most modern platform for businesses as well as consumers to execute business transactions. The goods and services of diverse nature are being offered to the businesses or to the consumers globally. The whole world has been converted in to the market to be available on the click of a mouse on the laptop or palmtop. To provide security and legal recognition to the transactions executed electronically, the Indian Parliament enacted the Information Technology Act, 2000 modeled on UNCITRAL's Model Law, though it departs in many respects from the spirit of the Model Law. Immediately after the enactment of the IT Act, it was found that certain significant provisions are missing in this enactment; its provisions lack harmony and above all many legal issues have not been properly spelled out. The IT Act was amended in the year 2008 with four fold objectives. Interestingly, the draftsmen have admitted that the digital signatures prescribed for authentication of electronic records in the original IT Act are linked with specific technology, it has become necessary to provide for alternative technology of electronic signatures, nevertheless the original provision for digital signatures has been retained which has compounded the confusion. Furthermore, the Indian courts have not yet found any opportunity to appraise the impact of the provisions of the IT Act on substantive principles of contract formation codified in the Indian Contract Act, 1872. An analytical evaluation is therefore, needed to identify the issues raised by the information technology relating to contract formation, impact of the IT Act on the principles relating to contract formation provided in the Contract Act, and impact of non-inclusion of the principles governing e-commerce, provided in the Model Law but not reflected in the IT Act.