Real Estate Transactions in the Post-Corona Era: Introduction of Smart Contracts and Legal Issues

2021 ◽  
Vol 25 (2) ◽  
pp. 1-28
Author(s):  
Gook-Mi Shin ◽  
Jin Kim ◽  
Gi-Seung Kim
Keyword(s):  
Real Estate ◽  
Legal Issues ◽  
Smart Contracts

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 Legal Issues Arising from Smart Contracts under the Iraqi Law

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.

scholarly journals Legal Issues of Smart Contracts in Contract Law

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

Legal challenges and opportunities of blockchain technology in the real estate sector

2020 ◽  
Vol 12 (2) ◽  
pp. 129-145 ◽  
Author(s):  
Rosa M. Garcia-Teruel
Keyword(s):  
Real Estate ◽  
Smart Contracts ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Blockchain Technology ◽  
Real Estate Sector ◽  
Challenges And Opportunities ◽  
The One ◽  
Legal Methodology

Purpose Blockchain, which was originally created to enable peer-to-peer digital payment systems (bitcoin), is considered to have several benefits for different sectors, such as the real estate one. In a standard European-wide real estate transaction, several intermediaries are involved. As a consequence, these agreements are usually time-consuming and involve extra difficulties to cross-border operations. As blockchain, combined with smart contracts, may have an important role in these transactions, this paper aims to explore its prospective challenges, limitations and opportunities in the real estate sector and discover how the traditional intermediaries have to face a possible implementation of this technology. Design/methodology/approach This paper analyses the current intermediaries in the real estate sector in European Union (EU), their functions and how can blockchain strengthen the security of these transactions while reducing their time. The author uses a legal methodology to approach it. Findings Blockchain, combined with smart contracts, has both challenges and opportunities for the real estate sector. On the one hand, it may improve procedures, allow EU transactions and the interconnection between public administration. However, to not reduce parties rights, this blockchain should have some special features, such as the possibility of being amended. Originality/value This paper provides a valuable overview of all the intermediaries that could be affected by blockchain protocols. It is of interest of blockchain developers, public administrations and researchers who are working on blockchain and property conveyancing.

scholarly journals Smart contracts as an innovation in insurance law

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.

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