Smart contracts are automatically executed computer code that complete a transaction between two parties. They are essential to distributed blockchains and other distributed ledger technologies. I believe the proper use of smart contracts is indispensable to Web 3.0 working correctly.
While appreciating the importance of smart contracts, many unanswered legal questions surround their use. For example:
Are smart contracts legally enforceable in the United States?
How do The Uniform Commercial Code and Statute of Frauds work with smart contracts?
Is the Electronic Signatures in Global National Commerce Act (“E-SIGN Act”) applicable to smart contacts?
How do you negotiate, draft and adjudicate smart contracts?
Are smart contract developers liable for mistakes or unintended outcomes?
How do you amend and terminate smart contracts?
What is the governing law and venue of a smart contract?
Learn more about smart contracts and get detailed answers to these questions in this outstanding publication “Legal Issues Surrounding the Use of Smart Contracts” by Stuart Levi, Alex Lipton, and Christina Vasile of Skadden, Arps, Slate, Meagher & Flom LLP.