Smart Contracts: Legal Issues and First Regulatory Approaches

The purpose of article hereof is to introduce the significant characters of the smart contracts and certain ideas and proposals de lege ferenda on regulatory framework for smart contracts. Furthermore, present legislation with regard to the legal definition of the smart contract will be discussed from a comparative perspective. Particular note will be devoted to smart contracts in a relation to the contract law. Substantively, legal issues arising from the use of smart contracts, focussing upon actual and potential conflicts with established principles of contract law, will be introduced.

Download Full-text

Legal Issues Arising from Smart Contracts under the Iraqi Law

Journal of University of Human Development ◽

10.21928/juhd.v4n4y2018.pp42-47 ◽

2018 ◽

Vol 4 (4) ◽

pp. 42

Author(s):

Ahmed Aziz Hassan

Keyword(s):

Computer Programs ◽

Legal Issues ◽

Formation Mechanisms ◽

Smart Contracts ◽

Blockchain Technology ◽

Legal Provisions ◽

General Rules ◽

Computer Codes ◽

And Performance ◽

The Way

Smart contracts can be defined as computer codes which are run digitally by computer programs to utilise the negotiation, formation, and performance of an automated and irreversible agreement between the contracting parties. Smart contracts are distinguished from other forms of contracts in terms of the way they are concluded which is through Blockchain Technology. In contrast to conventional contracts established through speech, written words or actions, smart contracts are algorithmic and self-executing agreements. In this article, smart contracts will be discussed from the perspective of their general rules and features and the Iraqi law. This study analyses the formation mechanisms of the general principles in Iraqi law governing the contracts and how these mechanisms can be applied to the new technological framework of smart contracts. In addition, integrating smart contracts into the current legal provisions in Iraq is examined.

Download Full-text

Legal Issues of Smart Contracts in Contract Law

Journal of Siberian Federal University Humanities & Social Sciences ◽

10.17516/1997-1370-0845 ◽

2021 ◽

Vol 14 (11) ◽

pp. 1626-1634

Author(s):

Elizaveta V. Zainutdinova ◽

Keyword(s):

Contract Law ◽

Legal Issues ◽

Data Type ◽

Smart Contracts ◽

Smart Contract ◽

Written Form ◽

And Performance

The research is carried out on some legal issues of smart contracts and their place in Russian and other countries’ contract law. By means of contract law such issues are analysed: 1) conclusion and performance of smart contracts’ obligations; 2) practical issues arising due to smart contracts’ use; 3) contract law provisions that might be applied to smart contracts; 4) issues that are not covered by the legislation but need to be addressed. A smart contract is considered to be a contract with the specific type of performance of obligations (automated performance). Smart contract is a contract concluded with an exchange of data (type of a written form). Smart contracts are performed with the help of automated performance and previously expressed consent of parties. It is proved that smart contracts could be modified and terminated giving a mechanism for that as well as provides for measures of defence and responsibility that could be applied for obligations out of smart contracts. As the result, provisions of smart contracts that reflect smart contracts’ place and peculiarities in contract law are formulated

Download Full-text

Smart contracts as an innovation in insurance law

Pravo i privreda ◽

10.5937/pip2003305c ◽

2020 ◽

Vol 58 (3) ◽

pp. 305-317

Author(s):

Andrea Đurović

Keyword(s):

Contract Law ◽

Regulatory Framework ◽

Legal Issues ◽

Insurance Contract ◽

Smart Contracts ◽

Insurance Law ◽

Smart Contract ◽

Significant Step

One of the major current topics and one of the major innovations in the contract law, as well as in insurance law is the invention of the smart contracts. The author is basing her research on use of smart contract in insurance law and what are the main legal issues arising from the use of smart contract. In her paper, the author points out that the implementation of the smart contract in insurance law will greatly affect all participants in insurance contract and a significant step forward in improving the level of protection of insurance users (consumers), although it takes time and readiness of European and domestic legislators to create a special regulatory framework so that smart contract can reach its potential.

Download Full-text