Secondary abstract: |
The notion of smart contracts is a reflection of the general technological development. Through automation with the use of software, smart contracts are an attempt to rationalize contractual relationships; both in concluding and in the fulfillment phase.
Smart (legal) contracts are legal contracts, or elements of legal contracts, which are represented and executed by software. A special form of conclusion, based on a specific digital platform, includes software in the functional spectrum of the legal contract and thus makes it 'smart.'
Software, in the context of smart contracts, is in principle represented by a digital platform built on the basis of blockchain, or a related technology.
The so-called smart contracts as a concept, raise a multitude of legal issues ranging from concept phrasing, providing a legal definition, possibilities of abuse, etc. Amongst others, the main legal questions in this graduation thesis are: placement of smart contracts in the context of law of obligations and the consumer protection law, what is the legal nature of smart contracts; whether we can subordinate smart contracts to existing general legal acts of contract law, or do we, perhaps, have to create new ones.
We can conclude that smart contracts are a special way of conclusion or fulfillment of contractual obligations, which is not directly governed by positive law; but positive law, together with legal dogmatics in this area, can be used to assess the validity of smart contracts as well as the legal effects that have arisen. |