A new technology called ‘smart contracts’ has emerged and is already playing a vital role in the blockchain revolution. As these innovative legal agreements are executed automatically through the use of computer codes, the traditional sense and interpretation of contracts are outdated. This article seeks to examine smart contracts from a legal standpoint and further explains how smart contracts operate and where they place in existing contract law. Though this technology will need to evolve before being widely adopted for production use in sophisticated commercial settings, it is important for businesses to understand how parties form contracts in the future, specifically how the existing concepts and structures of contracts will be ported over and new paradigm will be established.
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