but i think it doens't differ from other mainstream SaaS solutions - if you read through their terms of services - they put 'non-repudiation' liability on users of their services
It requires you to know the phone number of the signer, but for important stuff you typically do.
Which is legally binding. In Germany most contracts are free-form contracts (Formfreiheit) and only need declarations of intent in the form of offer and acceptance. This can be a handshake or even a head shake.
IANAL but in the common law world a contract requires 3 things:
* Offer and acceptance
* Consideration (something of value)
* An intention to form legal relations.
Acceptance is, of course, what a signature signifies. Acceptance is "a matter of fact" and thus in reality pretty much anything will do.
In the US, we have a federal law that covers electronic contract signing. I believe it’s part of the UCC? (I’m not an attorney, and that area isn’t one I practice with in tech either.)
In practice, the security involved only has to reach the "good enough" threshold and not a 100% hack proof level.