What makes smart contracts enforceable in a legal context?
Smart contracts are enforceable if they meet certain legal criteria, such as mutual consent, consideration, and legality of purpose.
Can you give me an example of a smart contract in action?
Sure! An example is a real estate transaction where a smart contract automatically transfers ownership once payment is confirmed.
What are the challenges in enforcing smart contracts?
Challenges include jurisdiction issues, the need for clear terms, and the reliance on external data sources for execution.
How do different jurisdictions view smart contracts?
Jurisdictions vary; some recognize them as legally binding, while others are still developing regulations around their use.
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