Journal of Southwest Petroleum University(Social Sciences Edition) ›› 2021, Vol. 23 ›› Issue (2): 86-95.DOI: 10.11885/j.issn.1674-5094.2020.12.21.01

• POLITICS AND LAW • Previous Articles     Next Articles

Analysis of Contract Law for Smart Contracts

WANG Zhu, YANG Shilong   

  1. School of Law, Sichuan University, Chengdu Sichuan, 610041, China
  • Received:2020-12-21 Published:2021-03-26

Abstract: The development of blockchain technology is in full swing. The combination of programmability of smart contracts and the secure trusted environment of blockchains drives application of blockchain technology into the 2.0 era. The concept of smart contracts proposed by Nick Szabo is also reshaped due to the blockchain. The exploration of application mode for smart contracts has become more abundant. And the technical characteristics of the blockchain as the underlying technology profoundly affect the technical characteristics of smart contracts, which also brings new civil law issues. Smart contracts can be used as a way of concluding a contract and carrying the content of a contract. In principle, unless the parties expressly agree that the contract is not legally binding, the use of smart contracts does not mean that the parties have no willingness to create a contractual legal relationship, and excludes the application of contract law. Smart contracts have not brought subversive impact to the contract law. Starting from the protection of the parties liberty of contract and contract justice, taking into account the technical obstacles to the conclusion of smart contracts and our country’s regulatory attitude, we should make appropriate breakthroughs in the autonomous order of smart contracts. Absolute public chain and technological autonomy cannot be achieved, which is specifically embodied in contract formation, remedies for defects in declaration of will and remedies for breach of contract. Each node of the network has a de facto control and maintenance relationship for the operation of the blockchain network and smart contracts, so each node has a higher duty of care for the normal works of smart contract than other people.

Key words: blockchain, contractual justice, mart contract, Contract Law, Autonomous order

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