Smart Contracts: the Legal Comparison

Abstract

Though there are some initiative in order to give legal foundation for smart contracts, its legal status is still not settled. Most of the examination of smart contracts has been presented by common law scholars and practitioners while fewer civil law jurists shared their views on the matter. However, there seems to be a tendency that the representatives of the common law are reluctant to accept smart contracts as legally binding contracts while civil law jurist apparently are more open to that. The aim of the present article is to find out what the core principles and values are which make this difference. While evaluating the approaches in this respect, some additional thoughts will be added why the civil law may be more tolerant towards to smart contracts. The main purpose of the article is to highlight the different aspects as regards the smart contracts.<br/>