Smart Contracts And Enforceability Under Traditional Contract Law
- IJLLR Journal
- Jan 4
- 1 min read
Naina Verma, BA LLB (H), Amity University Lucknow
ABSTRACT
Despite the growing use of smart contracts in commercial laws, their enforceability under traditional contract law still remains uncertain. Smart contracts are “E-contracts”, a self -executing contract to be precise but traditional law are those who enforces intentions and agreements between parties, this creates uncertainty among parties regarding legality of binding contracts, parties may avoid using smart contracts due to legal risk. Examining there two concepts of contracts widely apart from each other, this paper will explore cases, types, features, limitations, validity and enforceability of Smart Contracts and will evaluate to the solution of the problem by providing a refined insight of how the smart contracts are enforceable and limited under the contract law through the development of a conceptual framework. In addition, this paper will provide a proper understanding of the nature of smart contracts as well as the difficulty in establishing intentions to create legal relations. In the end, the paper concludes by proposing a hybrid legal technical framework to enhance legal certainty.
Keywords: smart contracts, traditional contract law, enforceability, self- executing contract, limitations
