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A new technology called “smart contracts” has emerged and is designed to change the nature of legal agreements. These smart contracts are agreements where execution is made automatic through the use of computers. This article examines smart contracts from a legal perspective, both their operation and place in existing contract law. The article concludes that smart contracts are simply a new form of preemptive self-help that should not be discouraged by the legislatures or courts. While certain egregious examples of their use may need to be policed, judges and policymakers should foster a climate that treats smart contracts as another form of more traditional agreements. |
