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Commercial Leases and the Law of Electronic Transactions
Most commercial leases are forged by a deliberate, organic process that includes face-to-face meetings, telephone calls and written correspondence between the landlord, the tenant and their respective agents, culminating in a written contract that historically was required to be signed by hand by both parties. Over the past 20 years, the rise of email as a generally-accepted medium of business communication has prompted the law to allow certain contracts, including leases, to be entered into electronically, without a handwritten signature. Progress has been made in this respect, both by statute and the common law; however, tweaking a centuries-old legal axiom takes time. This article addresses recent developments and the present state of the law with respect to commercial leasing and electronic media.
The Historical Basics
Under the law, all leases are contracts. As such, leases require certain basic legal components to be enforceable.
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