Savelyev contract law 2.0

  • What are the benefits of smart legal contracts?

    In conclusion, smart legal contracts are innovative, decentralized applications that offer several benefits over traditional contracts.
    They automate the performance of contracts and eliminate the need for intermediaries, resulting in increased efficiency, accuracy, security, and transparency..

  • What are the main challenges faced by smart contracts?

    What are the main smart contract challenges?

    Security and privacy. Legal challenges. Reliance on oracles. Usability challenges. Impact challenges..

  • But while a smart contract can be a legally binding agreement, it isn't necessarily always legally binding.
    A smart contract still has to meet all the legal requirements of a contract, such as intent to form a contract.
    And these legal requirements might also vary by jurisdiction.
Dec 14, 2016Alexander Savelyev. National Research University Higher School of Economics (Moscow). Date Written: December 14, 2016. Abstract. The paper 

Can a smart contract be executed by program code?

Although such a contract will be invalid as infringing fundamental principles of legal order (Article 169 of the CCRF, II

– 7:301 DCFR), it will still be executed by program code

The only response by the law is to try to deanonymize and to pursue the individuals involved in the transaction in real life

(6) Autonomous nature of Smart contracts

What is a contract in Russian law?

According to the Russian law, a contract is an agreement between two or more parties, which establishes, amends or terminates civil-law legal relations between them (Article 420 of the Civil Code of the Russian Federation, hereinafter ± ³CCRF´)


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