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- W4283270583 abstract "This chapter explores the interparty electronic agreements known as ‘smart contracts’ against the established boundaries of contract law and theory. Underpinning the question of characterization are three overlapping legal and extra-legal factors. The first concerns legitimacy, in law and fact, of smart contract agreements. Second are uncertainties regarding applicable remedies at law and in equity. And third, fetishization of the perfectibility and legal certainty of smart contracts by technologists and other stakeholders that risks undermining and impoverishing contracts as socio-legal institutions and processes. Set against the backdrop of a fetishistic techno-legal imaginary in which smart contracts echo science-fiction writer Brian Aldiss’ conception of ‘supertoys’, this chapter argues that legal legitimacy and certainty of smart contracts rests on fundamental principles of contract law and theory, not on quasi-legal conditions determined by the limits of coding and design. Rooted in centuries of contract law and theory are expectations of right and wrong, including a need to incorporate remedies demanded for the intellectual, social, and procedural life of contracts and contracting to function reasonably. Far from intelligent ‘solutions’ to longstanding ‘problems’ and complexities of contracting, smart contract design today is too simplistic and risks lowering standards by deliberately ignoring critical pieces of the jigsaw of contract law and theory. This begs whether smart contracts have the potential to supplement or, in time, supersede traditional contract law." @default.
- W4283270583 created "2022-06-23" @default.
- W4283270583 creator A5020242180 @default.
- W4283270583 date "2022-04-28" @default.
- W4283270583 modified "2023-09-23" @default.
- W4283270583 title "Techno-Legal Supertoys" @default.
- W4283270583 doi "https://doi.org/10.1093/oso/9780192858467.003.0012" @default.
- W4283270583 hasPublicationYear "2022" @default.
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