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Law Institute
SMART CONTRACTS: DO WE NEED NEW LEGAL RULES?
UNSW Sydney, 8th February 2019
Prof. Dr. Rolf H. WeberUniversity of Zurich
Law Institute
2
Smart Contract (SC): Notion
Technology, not Contract
Description of “Contractual Relation” in the “Computerroutine”
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber20198 February
Szabo: Computerized Transaction Protocol
Law Institute
3
Characteristics of SC
Self-determined
Unchangeable
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Self-executing
Digital Performance
20198 February
Law Institute
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Specifics of SC
Low Transaction and Enforcement Costs
Digital “Expression” of Performance
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Technological (Legal) Security and Transparency
“Bridge” to Offline World through Oracle
“Law is Code”
20198 February
Law Institute
5Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber20198 February
Law Institute
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Contract Formation in Civil Law Countries
Understandability of Programming Code?
Interpretation of “Computerroutine”?
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Exchange of Intent Declarations
Special Problem: General Business Conditions
20198 February
Law Institute
7
Contract Formation in Common Law Countries
Meeting of the Minds (Restatement Second, Art. 2 UCC)
Automated Means (UETA, ESIGN, UCITA)
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Enciphered Telegraphs (US Supreme Court)
20198 February
Law Institute
8Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber20198 February
Law Institute
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“Anomalies” in Contract Formation
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
IllegalityPublic Order, Immorality
Contract in Writing
ContestabilityBasic Material Error
“Translation” Error
Form:
Substance:
20198 February
Law Institute
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New Legal Rules for Formation of SC?
Narrowing of Requirement “in Writing”
Oracle Requirement for Illegality Situations
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
No Adjustment Need in General
Standardization through Self-Regulation
20198 February
Law Institute
11Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber20198 February
Law Institute
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Performance of SC
Limited Importance of Several Types of Contractual Non--Performance
Oracle as Auxiliary Person?
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Pacta sunt servanda
20198 February
Law Institute
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Technology and Programming Failures in SC
Diligence Standards
Spheres’ Theory: Allocation of Responsibility
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Preventive Measures
Probability based on Artificial Intelligence
20198 February
Law Institute
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Digital Execution and Enforcement of SC
Securities’ Requirements
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Assignment Aspects
EnforcementProcedural Issues
Arbitration Library through Oracle
20198 February
Law Institute
15
New Legal Rules in Case of Non-Performance of SC
Clarification of Auxiliary Person
No Adjustment Need in General
Facilitation ofDigital
Execution Oracle / Arbitration Library
“Transfer” of Securities
20198 February Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Law Institute
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Outlook
Minor Adjustments Desirable
Facilitation of Digital Execution
Prof. SMART CONTRACTS: DO WE NEED NEW LEGAL RULES? Dr. Rolf H. Weber
Innovative Interpretation of Existing Rules as “Solution”
20198 February