Explorations on a theme: "What is a transaction? "

1. Uniform Commercial Code

  (Hint: click the 2nd triangle to see the next slide.)

Every purchase or sale transaction, in every accounting system, is based on a contract between two parties.  Contracts usually consist of two elements--an offer, and an acceptance

Future transactions may consist of an offer, sent electronically in XML to the other party, and their acceptance sent back to you.   These electronic messages may be digitally signed, and equally as enforceable as written contracts.