Web services allow for the exchange of data between applications via open protocols and standards on the internet or private networks. Key components of web services include SOAP, UDDI, and WSDL. E-mail and online chat are examples of web services that enable communication. E-mail provides a free and easy way to send messages globally but can also lead to misunderstandings and suck up time. Online chat refers to real-time text messaging between participants and aims for quick responses. In conclusion, web services have the potential to facilitate business transactions but performance may be affected by bandwidth limitations.