A smart contract is a computerized transaction protocol that executes the terms of a contract. The general
Question:
A smart contract is “a computerized transaction protocol that executes the terms of a contract. The general objectives are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Smart Contracts are contracts written into computer code and, depending on the situation, these computer protocols can enable contracts to be formed, executed and discharged without the need for legal review, court enforcement or even party negotiation. If certain events occur, then other actions will follow. For example, in the future, automobiles could be automatically repossessed when a debtor fails to pay a car loan. If smart contracts become popular, what legal and ethical issues do you anticipate might arise?
Step by Step Answer:
The Legal And Ethical Environment Of Business
ISBN: 9781454893028
2nd Edition
Authors: Gerald R. Ferrera, Mystica M. Alexander, William P. Wiggins, Cheryl Kirschner, Jonathan J. Darrow