What makes smart contracts enforceable in a legal context?
An example of an AI chatbot conversation about the enforceability of smart contracts.
What makes smart contracts enforceable in a legal context?
Smart contracts are enforceable when they meet legal requirements like offer, acceptance, and consideration, similar to traditional contracts.
Are there specific jurisdictions where smart contracts are more enforceable?
Yes, jurisdictions like Delaware and Switzerland have specific regulations that support the enforceability of smart contracts.
What are the risks of using smart contracts?
Risks include coding errors, lack of legal clarity, and potential disputes over contract terms that may not be easily resolved.
How do courts view smart contracts?
Courts generally view smart contracts as valid if they comply with existing contract laws, but interpretations can vary.
Can smart contracts be modified after deployment?
Typically, smart contracts are immutable once deployed, but some can include mechanisms for updates or modifications.
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