Publication Type

Journal Article

Version

submittedVersion

Publication Date

9-2023

Abstract

This article adds to the debate on what, legally speaking, smart contracts are and what they should be. Currently, much of this debate focuses on the relationship between smart contracts and legal contracts, overlooking that other legal categories may also be appropriate. This article suggests that the concept of abandonment can be fruitfully applied to smart contracts. Using the concept of abandonment has the advantage of allowing smart contracts, as close as legally possible, to be utilized as machines (or using the terminology suggested by Vitalik Buterin, founder of Etherium, as a ‘persistent script’). It would also make other issues, like the interpretation of smart contracts, easier to deal with. The argument is not that smart contracts can never be legal contracts; rather, it is suggested that, prima facie, users should have the choice of utilizing smart contracts as legal contracts or as machines.

Keywords

abandonment, blockchain, contract formation, distributed ledger technology, DLT, smart contracts

Discipline

Contracts | Public Law and Legal Theory | Technology and Innovation

Publication

International Journal of Law and Information Technology

Volume

31

Issue

3

First Page

231

Last Page

252

ISSN

0967-0769

Identifier

10.1093/ijlit/eaad021

Publisher

Oxford University Press (OUP): Policy E - Oxford Open Option D

Copyright Owner and License

Authors

Additional URL

https://doi.org/10.1093/ijlit/eaad021

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