scholarly journals Regulation of the Smart Contract in (Romanian) Civil Law

2021 ◽  
Vol 8 (2) ◽  
pp. 95-111
Author(s):  
Raluca Onufreiciuc ◽  
Lorena-Elena Stănescu
Keyword(s):  
Civil Law ◽  
Computer Code ◽  
Computer Programs ◽  
Legal Regulation ◽  
Contract Law ◽  
Use Case ◽  
Smart Contracts ◽  
Crucial Question ◽  
Smart Contract ◽  
The Subject

The research aims to organize, examine, and analyze the provisions on smart contracts available in Romanian civil law. “Smart contracts” are not smart, and are not necessarily contracts, although they can be. As self-executing computer programs, smart contracts are operational on the blockchain and unlike traditional legal contracts, once the agreement has been concluded and the smart contract is set in motion, no party can intervene and it will be executed without interruption, modification, or breach. The crucial question in the final contract law topic is what happens when the smart contract's outcomes deviate from those required by law. To answer this issue, we must first understand that whether a smart contract becomes legally enforceable is determined by several circumstances, together with the unique use case, the type of smart contract employed, and the existing legislation. The paper addresses the subject of determining and regulating smart contracts under Romanian current laws. Particular emphasis is placed on two ambiguous definitions of smart contracts: as computer code and as a civil-law contract. The authors conclude that the concept of smart contracts requires more legal regulation, particularly in terms of managing their meaning and comprehension.

scholarly journals Problems of Smart Contracts Application in Transactions in Virtual Property

Lex Russica ◽  
2019 ◽  
pp. 108-118 ◽  
Author(s):  
E. E. Bogdanova
Keyword(s):  
Computer Code ◽  
Legal Regulation ◽  
Smart Contracts ◽  
Domain Names ◽  
Virtual Property ◽  
Smart Contract ◽  
Legal Nature ◽  
The Will ◽  
The Subject ◽  
The Moment

The author examines the features of the use of smart contracts in transactions in virtual property, taking into account the fact that the smart contract is a way of fulfilling those obligations in which the transfer of property provision takes place in the virtual world with the help of appropriate technical means. It should be recognized that the list of virtual property is open, at the moment it includes, for example, cryptocurrency, domain names, «game property», virtual tokens.The question of the legal nature of objects related to virtual property is relevant: are they a new independent type of property requiring special legal regimes, or are they a form of known property rights? The paper also notes that smart contracts differ in both vulnerabilities in computer code and insufficiently effective legal regulation. Smart contract, in the opinion of the author, is a kind of written (electronic) form of a contract, the peculiarity of which is that the will of the subject is expressed by means of special technical means in the form of program code. In this case, the will to conclude the contract simultaneously means the will to its execution upon the occurrence of certain conditions of the contract circumstances.In conclusion, the author shows that the automation of performance of obligations in particular and the digitization of contract law in general should not create obstacles to the implementation of the fundamental principles of good faith and contractual justice, to assess the proportionality of the distribution of rights and obligations of the parties, the equivalence of their property.

SMART CONTRACT: CONCEPT, LEGAL REGULATION, ASPECTS OF CONSUMER PROTECTION

2021 ◽  
Vol 14 (4) ◽  
pp. 236-247
Author(s):  
IRINA VIKTOROVNA ERMAKOVA ◽  
◽  
◽  
Keyword(s):  
Social Relations ◽  
Legal Status ◽  
Legal Regulation ◽  
Fundamental Rights ◽  
Smart Contracts ◽  
Legal Norms ◽  
Legal Relationship ◽  
Smart Contract ◽  
The Subject ◽  
Definition Of

The subject of the research is legal norms aimed at regulating by law relations in the field of concluding and executing smart contracts, including issues of protecting the rights of the parties to such contracts, including consumers. The object of the research is social relations arising in the process of creating, concluding and executing of smart contracts. Particular attention is paid to the theoretical and practical aspects of the definition of the concept of “smart contract” and its essence, as well as its legal status. In addition, the article considers approaches to defining the essence of institutions that are closely related to the category of “smart contract”, such as “cryptocurrency”, “digital ruble”, “mining”. The aspects of the protection of fundamental rights of the parties involved in the considered legal relationship, including consumers, are also analyzed. Examples of court decisions regarding the corresponding category of cases are given. The novelty of the research lies in determining the current approaches in relation to the essence, concept and legal status of smart contracts, including the current position of law enforcement practice in relation to this issue. In addition, the novelty of the study lies in considering the practical aspects of the conclusion and execution of smart contracts, including, indicating examples of blockchain platforms on the basis of which smart contracts can function. Ultimately, the study led to the development by the author of some proposals in order to improve the relevant legislation. In particular, the author proposed to consolidate at the legislative level the legal definition of the concept of “smart contract”, indicating the appropriate wording.

scholarly journals Exercise of Civil-Law Rights: Categories in the Context of Their Digitalization

2021 ◽  
Author(s):  
Vladimir L. Volfson ◽  
Keyword(s):  
Civil Rights ◽  
Civil Law ◽  
Computer Code ◽  
Smart Contracts ◽  
Digital Form ◽  
Digital Rights ◽  
Smart Contract ◽  
Fatal Flaw ◽  
Subjective Rights ◽  
Civil Contract

With digital rights designated to the objects of civil rights in Art. 128 of the Civil Code, Art. 141.1 amended to include their legal definition, and a new wording of Art. 309 introducing ‘smart contracts’, the digital reform recently enacted in the Russian civil law has seen some major novelties. Needless to say, these accomplishments have challenged Russian civil law theorists. Discussions are underway to resolve both doctrinal and applied issues that had been more than obvious well before the legislative move which, according to one of the opinions, was an ‘admissible’ experiment. What remains now is to assess its viability. The author of this work set the goal to explore the way digital rights, primarily those that arise from ‘smart-contracts’, are (or can be) ‘exercised’. This is a perspective where a fundamental gap between ‘smart-contract’ and civil contract emerges. In the author’s view, efforts to overcome it by expanding the concept of subjective rights and the principles of contract law will not succeed. Since no proper verification of the interests of the parties to ‘smart contracts’, which are essentially a computer code, is available, and as the same refers to linguistic verification of their will, there is no way for ‘smart contracts’ to enter the domain of law. Digital ‘contracts’ are unapt to honour the principle of contractual equilibrium. The ‘self-execution’ of these contracts, as well as their inherent inability to be violated, are, if put in the civilistic context, their fatal flaw, and by no means a virtue. The article also shows that though instruments to ensure a relative irreversibility of rights are not unfamiliar to private law, they cannot serve as an excuse for such regime in contract obligations. That fixation of rights and transactions in digital form has become fully enshrined in the civil law is arguably the only compatible with its principles as well as much anticipated impact the digital reform has brought about.

scholarly journals SMART CONTRACT AND CHALLENGES TO LAW

2020 ◽  
Author(s):  
Gergana Varbanova ◽  
Keyword(s):  
Civil Law ◽  
Smart Contracts ◽  
Program Code ◽  
Advantages And Disadvantages ◽  
Smart Contract ◽  
The Law

Are the technologies advanced enough to replace lawyers and the judiciary in the negotiation and enforcement process? Is it possible for a program code to be a contract that binds the parties named in it? What is a smart contract and what challenges does it pose to the law? The present study aims to clarify and show the advantages and disadvantages of using smart contracts in civil law.

scholarly journals Features of Legal Regulation of the Circulation Order of Gift Certificates

2019 ◽  
pp. 72-80
Author(s):  
Avak Vartanian
Keyword(s):  
Civil Law ◽  
Legal Regulation ◽  
Civil Code ◽  
Advance Payment ◽  
Foreign Countries ◽  
The Gift ◽  
The Usa ◽  
The Subject ◽  
The Republic ◽  
Gift Certificate

The article analyzes the novels of the legislation of the Republic of Belarus concerning the procedure for using gift certificates when selling goods (performance of works, rendering services). It has been done a comparative analysis of the legal regulation of the procedure for circulation of gift certificates in the Republic of Belarus, Ukraine and some foreign countries (Canada, the USA). The author raises some problems concerning the use of a gift certificate in civil circulation. It is pointed out that there is uncertainty both in the theory of civil law and at the level of legislative regulation regarding the civil law nature of a gift certificate. It is noted that the analysis of the legislation in force in the Republic of Belarus allows us to define a gift certificate as a document certifying the property right (requirement) of its holder (bearer) to receive goods (works, services), and the amount of money contributed when purchasing a gift certificate, as advance payment (advance payment). At the same time, such an approach of the legislator is criticized due to the fact that there is a clear contradiction to the requirements of Art. 402 of the Civil Code of the Republic of Belarus, from the content of which it follows that the advance payment presupposes the existence of a contract in which the subject has been agreed, which is not typical of most gift certificates, due to the fact that they do not contain an indication of the subject of the contract. Having done the analysis of the civil legislation of Ukraine, the author makes a conclusion that there is application of the rules on a purchase agreement to gift certificates, the subject of which may be property rights in accordance with the Civil Code of Ukraine. The conclusion is made about the imperfection of the legal regulation of the procedure for circulation of gift certificates in the Republic of Belarus and Ukraine, as well as about the complex legal nature of the gift certificate, regarding which legal regulation should be more universal, defining a gift certificate as an independent object of civil legal relationship.

A Study of Use Cases for Smart Contracts Using Blockchain Technology

2021 ◽  
pp. 1823-1844
Author(s):  
S R Mani Sekhar ◽  
Siddesh G M ◽  
Swapnil Kalra ◽  
Shaswat Anand
Keyword(s):  
Natural Disaster ◽  
Vital Role ◽  
Use Cases ◽  
Use Case ◽  
Smart Contracts ◽  
Digital Identity ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Healthcare Finance ◽  
Natural Disaster Management

Blockchain technology is an emerging and rapidly growing technology in the current world scenario. It is a collection of records connected through cryptography. They play a vital role in smart contracts. Smart contracts are present in blockchains which are self-controlled and trustable. It can be integrated across various domains like healthcare, finance, self-sovereign identity, governance, logistics management and home care, etc. The purpose of this article is to analyze the various use cases of smart contracts in different domains and come up with a model which may be used in the future. Subsequently, a detailed description of a smart contract and blockchain is provided. Next, different case-studies related to five different domains is discussed with the help of use case diagrams. Finally, a solution for natural disaster management has been proposed by integrating smart contract, digital identity, policies and blockchain technologies, which can be used effectively for providing relief to victims during times of natural disaster.

scholarly journals Legal regulation of aircraft leasing

2018 ◽  
Vol 239 ◽  
pp. 04007
Author(s):  
Elvir Akhmetshin ◽  
Kseniya Kovalenko
Keyword(s):  
Civil Law ◽  
Legal Regulation ◽  
Controversial Issues ◽  
The Subject ◽  
Aircraft Leasing ◽  
Lease Agreement

Currently, flights are an integral part of our lives. Sitting in the plane, we trust our lives not only to the crew but also to the aircraft. Today, the requirements for aviation are extremely high. But do not forget that the aircraft on which we fly are often the subject of a lease agreement. And we would like to consider the issues of aviation leasing in this article. In the legislation and the theory of civil law, there are no concepts of the contract of aviation leasing and the contract of leasing of aircraft. The leasing contract for aircraft is a contract in accordance with which the lessor undertakes to acquire into the ownership of the aircraft (plane) specified by the lessee for business or other professional purposes from the seller specified by him and provides the lessee with this property for a fee in a temporary possession and use. The contract may provide that the choice of the seller and the acquired property is determined by the lessor. In doctrine and practice, there is no consensus on the nature of the leasing agreement, nor can scientists agree on the nature of such a treaty: whether it is trilateral or bilateral, or represents two contracts (leasing and delivery). In civil law, one of the most controversial issues is whether the leasing agreement should be considered as an independent type of a civil law contract or a type of lease.

Tendencies of Development of Legal Regulation Emission and Turnover Bonds in the Legislation of Poland

10.12737/397 ◽  
2013 ◽  
Vol 1 (1) ◽  
pp. 0-0
Author(s):  
Андрей Богустов ◽  
Andrei Bogustov
Keyword(s):  
Civil Rights ◽  
Legal Status ◽  
Civil Law ◽  
Legal Regulation ◽  
Securities Market ◽  
Concept Definition ◽  
Current Trends ◽  
The Subject ◽  
Definition Of ◽  
Debt Holders

The subject of research is the notion and the features of a bond as a subject of the Polish civil law. The aim of research is the exposure of the current trends of legal regulation of bond issue and handling on example of the legislation of Poland. The methodological basis of the research contains the comparative law approach. In the course of investigation the author has come to the conclusion that the legislation of Poland governing the issue and handling of bonds reflects a number of current trends of the development of civil law as following: the differentiation of legal regulation of the securities market, the unacceptance of the universal concept definition of the term «security», the dematerialization of the securities, the approximation of the legal status of a share and a bond, the enhancement of the measures of the corporation’s shareholders and debt holders protection, the approximation and mutual loanword of the common and continental law countries legislation, the extention of the frame of reference of legal civil rights represented with securities.

scholarly journals THE CONCEPT OF SMART CONTRACTS FROM THE LEGAL PERSPECTIVE

2019 ◽  
Vol 34 (3) ◽  
Author(s):  
Karolina Kasprzyk
Keyword(s):  
Contract Law ◽  
Regulatory Framework ◽  
Legal Issues ◽  
Comparative Perspective ◽  
Smart Contracts ◽  
Legal Definition ◽  
Smart Contract ◽  
Legal Perspective ◽  
Definition Of

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.

scholarly journals Ghostwriters as a Legal Phenomenon: Features and Perspectives of Legal Regulation of Their Activity

Lex Russica ◽  
2021 ◽  
pp. 19-27
Author(s):  
N. V. Zaitseva
Keyword(s):  
Intellectual Property ◽  
Subject Matter ◽  
Civil Law ◽  
Fundamental Property ◽  
Legal Regulation ◽  
Administrative Law ◽  
Scientific Field ◽  
Property Right ◽  
The Subject ◽  
The Right

The paper is devoted to the problem of using the work of another person in the intellectual field, primarily in literary activity. The involvement of ghostwriters in writing literary works has created a legal phenomenon when the subject matter of contractual relations represents the inalienable non-property right, namely: the right of authorship the transfer of which is not possible in many jurisdictions, and in others, despite the absence of an explicit prohibition, there is no legal regulation of such alienation. However, the existence of ghostwriters cannot be assessed as a unique phenomenon of modernity. In our time, they have only gained new forms and a special place not only in the literary, but also in the scientific field. In this regard, the establishment of legal mechanisms for attracting and regulating ghostwriters is more effective than the establishment of a system of prohibitions.In the conditions of changing publishing businesses and increasing ways and forms of proof, questions about the authenticity of a person's authorship began to arise increasingly, especially in the field of scientific and scholarly literature, where the work of "new" researchers is often used. The issue of assignment of the right of authorship (copyright) — a fundamental property right — is treated differently in different legal systems. The continental system of law relies on impossibility of transferring copyright from one entity to another as part of a civil law transaction. Therefore, instances of attribution of authorship are assessed in the context of criminal or administrative law. It forms the legal essence of the division of rights of authorship into property and nonproperty ones: any commercial rights to intellectual property can be ceded except the authorship.

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