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There are a number of reasons a court might throw out a contract, but one party having made an expensive mistake is not one of them. Edit: turns out this isn't
by giaour 9y ago
There are a number of reasons a court might throw out a contract, but one party having made an expensive mistake is not one of them. Edit: turns out this isn't true. TIL that a contract to which no reasonable or informed person would have agreed can be thrown out as "unconscionable."
And even if it were, why roll back the block chain to rectify the situation? In traditional accounting, wouldn't you need a ledger record of both the mistake and its correction?
- nradov 9y agoThat's not necessarily how the US civil court system works. Courts will sometimes throw out or alter contracts if a good-faith mistake by one party produces a result that would violate the fundamental principle of equity. This is more likely if the result appears to violate the original intent of the contract.
- giaour 9y agoThat's very true; I should have looked this up before stating it. Edited my original comment
- jobigoud 9y ago> And even if it were, why roll back the block chain to rectify the situation? In traditional accounting, wouldn't you need a ledger record of both the mistake and its correction? This is exactly what happened. The blockchain wasn't rolled back. New transactions crediting the victims were injected into it.