Automated Transaction Law and Legal Definition
Automated transaction refers to a contract formed or performed by electronic means. An automated transaction is also a method for enabling a transaction of electronic funds and physical goods between a buyer and a seller. Automated transaction method comprises the following:
1.An electronic funds payment instrument information corresponding to said transaction of said electronic funds;
2.Ashipping information corresponding to said transaction of said physical goods, said shipping information comprising a shipping address;
3.Receiving said electronic funds using said electronic funds payment instrument information;
4.Printing a shipping label comprising said shipping information, and a shipment tracking information;
5.Checking a delivery status of said physical goods using said shipment tracking information; and
6.Disbursing said electronic funds to a party comprising a customer selected from the group consisting of said seller and said buyer.
In Comdata Network, Inc. v. United States, 21 Cl. Ct. 128, 129 (Cl. Ct. 1990), it was held that in the case of automated transactions, the service center has automated equipment that allows an agent to transmit a fund request and the relevant information electronically, through telephone lines, directly to the computer system.Legal Definition list
Related Legal Terms
- ABC Transaction [Oil & Gas]
- Agency Transaction (Securities)
- Alternative Mortgage Transaction [Banks & Banking]
- Arms Length Transaction
- Asset Exchange or Conversion Transaction
- Automated Banking Device
- Automated Broker Interface
- Automated Clearing House
- Automated Commercial Systems
- Automated Critical Asset Management System [ACAMS]
