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What makes you think that smart contracts will not be backed by law? Even the word contract is in smart contract. This means if you fail to pay your end of the

What makes you think that smart contracts will not be backed by law? Even the word contract is in smart contract. This means if you fail to pay your end of the agreement police/courts will come after you. That part doesn't change.

KaiserPro 5y ago
> Even the word contract is in smart contract The word Fun is in fundamental, doesn't make it fun. Contracts are written in specific ways, either because they are directed by law, or because they are trying to reference law to make something happen (or not happen). Convention, rulings and specific laws have been built over time to make sure that certain practices are stopped or encouraged. In the UK(and therefore possible common law), there is the concept of a verbal contract, which is implied or sealed when money is exchanged. For example when I buy something physical from a website, its distance selling, which means that regardless of what the site says, I am entitled to send the item back within 14 days and get a refund(with some conditions). Smart contracts are not either smart or a contract. its an implied contract at best, which means the legal outcome is undefined. the onus is on you to prove that it was a contract, and that your contract complied with the relevant implied laws for the transaction you are doing.
soco 5y ago
As of today, smart contracts are to contracts what the full-autonomous driving of Tesla is to full-autonomous driving.
- KaiserPro 5y ago
  Brilliant, this is far more succinct than I could have put it.
drdeca 5y ago
I don't think it makes sense to talk about enforcing a smart contract with law enforcement. You could perhaps have a legal contract that goes along with the smart contract, and which refers to the smart contract, and this legal contract could be enforced through law stuff. But, I think that's a different idea than the law backing smart contracts.

KaiserPro 5y ago

> Even the word contract is in smart contract The word Fun is in fundamental, doesn't make it fun. Contracts are written in specific ways, either because they are directed by law, or because they are trying to reference law to make something happen (or not happen). Convention, rulings and specific laws have been built over time to make sure that certain practices are stopped or encouraged. In the UK(and therefore possible common law), there is the concept of a verbal contract, which is implied or sealed when money is exchanged. For example when I buy something physical from a website, its distance selling, which means that regardless of what the site says, I am entitled to send the item back within 14 days and get a refund(with some conditions). Smart contracts are not either smart or a contract. its an implied contract at best, which means the legal outcome is undefined. the onus is on you to prove that it was a contract, and that your contract complied with the relevant implied laws for the transaction you are doing.

soco 5y ago

As of today, smart contracts are to contracts what the full-autonomous driving of Tesla is to full-autonomous driving.

KaiserPro 5y ago
Brilliant, this is far more succinct than I could have put it.

drdeca 5y ago

I don't think it makes sense to talk about enforcing a smart contract with law enforcement. You could perhaps have a legal contract that goes along with the smart contract, and which refers to the smart contract, and this legal contract could be enforced through law stuff. But, I think that's a different idea than the law backing smart contracts.