Smart Contracts Legal Agreements For The Blockchain

Szabo`s example of a vending machine is revealing in this regard. There, while the buyer has many implied rights, a contract has been concluded without valid written conditions, except for a price indication for each item. Therefore, the fact that an agreement is concluded only in code, as is the case for code-only smart contracts, does not constitute a particular obstacle to the conclusion of a contract outside the obstacles and fraud statutes imposed by PEK. Indeed, a large number of laws and legal constructs have long taken into account the role of information technology in the design of contracts. Only smart code smart contracts used for transactions between businesses and consumers could pose a number of additional problems to be solved. .