Smart contracts, self-executing agreements on the blockchain, hold the promise of revolutionizing everything from supply chains to financial transactions. But what happens when things go wrong? Can this "code as law" be enforced in a traditional court of law? Are smart contracts legally binding?
Additional questions:
- What legal requirements must a smart contract meet to be enforceable?
- Does the code itself suffice, or is a traditional, written contract still necessary?
- How do we handle ambiguities or unintended consequences in the code?
- What happens when disputes arise?
- Have you encountered any legal issues surrounding smart contracts?
- What are your thoughts on the future of code-based agreements?
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"Smart contracts are a type of contract, and therefore they're enforced like all contracts in state and federal court systems," Marcushamer says. "However, with smart contracts, it's unlikely that enforcement will be needed because they automatically execute."
but failure or mistaken or froud performance of smart contract could be enforced …
No, Smart contracts are blockchain algorithms that automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. So if you want to enforce smart contract, what exactly are you seeking to enforce? The courts of law do not waste time on uncertainties or uncertain contracts.
Every contract involves a declaration of will, an agreement between parties. A smart contract is also formed through the declaration of will of the parties, the difference is that it is made in the form of computer codes through Blockchain technology. In order to be executed, it requires the fulfilment of a pre-established condition that is registered in the Blockchain through the oracles. I think that a smart contract could be declared null and void if the declaration of consent is void, regardless of the form that the agreement takes, as in this case in the form of a code. I believe that with new technologies there are ways to register these issues and to enforce them. I think it is possible to build bridges between the legal and technological fields.
You are right, but situation needs more clear understatung when code does not include conditions of avoidance, restoration loss
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