“… Existing legal principles can accommodate smart legal contracts. 1.26. In this paper, we undertake a detailed analysis of the application of existing contract law to smart legal contracts. Our findings conclude that the current legal framework is clearly able to facilitate and support the use of smart legal contracts. Current legal principles can apply to smart legal contracts in much the same way as they do to traditional contracts, albeit with an incremental and principled development of the common law in specific contexts. In general, difficulties associated with applying the existing law to smart legal contracts are not unique to them, and could equally arise in the context of traditional contracts. In addition, even though some types of smart legal contract may give rise to novel legal issues and factual scenarios, existing legal principles can accommodate them …”
Law Commission for England and Wales, Smart Legal Contracts – Advice to Government, Law Com No 401, 25 November.
First posted 2021-11-29 17:00:47
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