Because the legal origin of smart contracting is unsettled, lawyers may argue that smart contracts are void and unenforceable under the law even where the smart contract accurately reflects the parties' underlying agreement.
Source quote, verbatim
While smart contracts may reflect the underlying contract between parties, lawyers may argue that "smart contracts" are void and unenforceable under the law.
From
Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Legal Education in the Blockchain Revolution (2017), III.4. Limitations, p. 30 https://ssrn.com/abstract=2939127 · source PDF
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Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Legal Education in the Blockchain Revolution (2017). SSRN: https://ssrn.com/abstract=2939127
Holds when
smart contracts assessed under existing contract law doctrine
restated_bykaal:claim:3071378-009 Even where a smart contract reflects the underlying bargain between the parties, lawyers may argue that smart ...
extended_bykaal:claim:3409548-015 Smart contracts face a legal origin problem: lawyers may argue that they are void and unenforceable, and contr...
extended_bykaal:claim:5554218-009 Unless the scope and permissible transactions of smart contracts are bounded by law, smart contracts risk bein...
restated_bykaal:claim:2998033-004 Smart contracts face a legal enforceability risk: they may be attacked as void and unenforceable, because cont...
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