Part 1 of Essay
A serious computer problem, variously known as the “Year 2000,” “Y2K,” “Century Date Change,” or “Millennium Bug” problem, faces many companies. This report is intended to provide a summary discussion of some of the major legal issues that may arise due to the Year 2000 problem. The Year 2000 problem arises because most b ....

Part 2 of Essay
.... due to this problem, when a computer sorts dates by year, “00” could be identified as an earlier date than “99”. A financial spreadsheet or projection therefore might show the financial trend for the 1999-2000 period running backwards rather than forwards. Insurance company computers might report a policy running through the year 2001 as having instead expired in 1901. A bank computer calculating the interest for a financial instrument for the six year period of 1995 through the year 2000 might instead c ....