"Smart contracts" versus "smart legal contracts": shifting terminology. [Blog post]

Mante, Joseph; Mak, Charles

Abstract

The notion that smart contracts are not actually contracts is a common assertion found in various writings on the subject. Lawyers can be forgiven for being confused, given that "smart contracts" do not qualify as contracts in the conventional sense. The term "contract" in its noun form consistently denotes some form of agreement or pact. From a business and legal standpoint, the term evokes imagery of an interchange between two parties - whether it is the exchange of commitments, actions, or a combination of promises and actions. It is for this reason that the debate around the nature of smart contracts persists. This piece briefly explores the controversy surrounding the meaning of smart contracts. It delves into the reasoning behind the differing opinions and examines the most recent effort by the English Law Commission to address and resolve this ongoing dispute.

Citation

MANTE, J. and MAK, C. 2023. "Smart contracts" versus "smart legal contracts": shifting terminology. [Blog post]. Posted on the RGU Law School Blog [online], 2nd October 2023. Available from: https://rgulaw.blog/2023/10/02/smart-contracts-versus-smart-legal-contracts-shifting-terminology/

• Digital Artefact Type: Website Content
• Deposit Date: Aug 6, 2024
• Publicly Available Date: Aug 6, 2024
• Keywords: Contract law; Smart contracts; Blockchain technology
• Public URL: https://rgu-repository.worktribe.com/output/2270771
• External URL: https://rgulaw.blog/2023/10/02/smart-contracts-versus-smart-legal-contracts-shifting-terminology/