In the realm of legal contracts, the emergence of smart contracts has brought about significant changes in the way agreements are formed and executed. With the advent of blockchain technology, smart contracts have become an innovative solution to streamline and automate contract processes. However, the question arises – which contract law governs these smart contracts? Let’s explore this intriguing topic.
Smart (Legal) Contracts for which (Contract) Law for Smart Contracts
Smart contracts are self-executing agreements with the terms of the agreement directly written into lines of code. These contracts are stored on a blockchain and automatically execute when predefined conditions are met. To understand the legal framework for smart contracts, it is important to determine which contract law applies.
Contract Law for Smart Contracts delves deeper into this aspect, providing insights into the applicable legal jurisdiction and the challenges faced in determining the governing law for smart contracts.
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