How smart can a contract be?

Blaise Carron; Valentin Botteron

Blockchains, Smart Contracts, Decentralised Autonomous Organisations and the Law

Edited by Daniel Kraus, Thierry Obrist and Olivier Hari

The growth of Blockchain technology presents a number of legal questions for lawyers, regulators and industry participants alike. Primarily, regulators must allow Blockchain technology to develop whilst also ensuring it is not being abused. This book addresses the challenges posed by various applications of Blockchain technology, such as cryptocurrencies, smart contracts and initial coin offerings, across different fields of law. Contributors explore whether the problems posed by Blockchain and its applications can be addressed within the present legal system or whether significant rethinking is required.

Monograph Book

Published in print:: 26 Apr 2019

ISBN:: 9781788115124

eISBN:: 9781788115131

DOI:: https://doi.org/10.4337/9781788115131

Pages:: c 384

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Chapter 5: How smart can a contract be?

Blaise Carron and Valentin Botteron

Monograph Chapter

Published:: 26 April 2019

Category:: Monograph Chapter

DOI:: https://doi.org/10.4337/9781788115131.00011

Pages:: 101–143 (43 total)

Collection: Law 2019

Abstract

While ‘code is law’ according to smart contract inventors, the nature of the relationship between legal contracts and smart contracts is complex. This chapter explores that relationship, and the issues that affect it. After a brief introduction, the second section is dedicated to fundamentals, presenting the basic concepts and explaining the temporal relationship between a legal contract and a smart contract. The third section entails two sub-sections. The first sub-section, dedicated to situations where a smart contract is preceded by a legal contract, deals with issues relating to interpretation, performance or gap-filling of the contract. The second sub-section focuses on situations where a smart contract pre-exists a legal contract by exploring the conclusion mechanism, the existence and the validity of the contract. The fourth and last section offers a conclusion summarizing the findings of the chapter.

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