The emergence of Digital Economy is a major factor in the 21st Century. It has a huge impact on economies throughout the world as it transcends barriers of time and borders. It is a key driver in the expansion of businesses as more and more companies and organizations embrace it as an integral part of their operations. At the same, it has given rise to issues that are both challenging and problematic. Foremost amongst these issues are those of key legal concepts. These encompasses both traditional legal concepts as well as new Internet centric concepts. Knowledge and familiarization of these concepts are therefore crucial to anyone who wishes to be a successful and formidable player in the field of digital economy.