Blockchains and smart contracts are emerging technologies that pose unique challenges for legal systems. This book outlines the extent to which these new and innovative technologies could have potentially disruptive effects on contract law in Europe. It does so through a comparative, three-part analysis of the recognisability and effects of smart contracts in European legal systems. First of all, in light of the technologies' transboundary nature, the book employs a comparative approach, considering French law, German law, English law, and Dutch law to analyse the impact on the different systems of contract law. While doing so, it also addresses the formation, interpretation, and vitiation of contracts. Secondly, it analyses the impact of these technologies on European laws regarding unfair terms in consumer contracts and argues that the existing rules should be applied to smart legal agreements in business-to-consumer relations. Lastly, it analyses the current European rules of private international law on the basis of which jurisdiction and applicable law are developed. In this respect, the book concludes that the vast majority of these European rules are "smart contract-proof".

Blockchains and smart contracts are emerging technologies that pose unique challenges for legal systems. This book outlines the extent to which these new and innovative technologies could have potentially disruptive effects on contract law in Europe. It does so through a comparative, three-part analysis of the recognisability and effects of smart contracts in European legal systems. First of all, in light of the technologies’ transboundary nature, the book employs a comparative approach, considering French law, German law, English law, and Dutch law to analyse the impact on the different systems of contract law. While doing so, it also addresses the formation, interpretation, and vitiation of contracts. Secondly, it analyses the impact of these technologies on European laws regarding unfair terms in consumer contracts and argues that the existing rules should be applied to smart legal agreements in business-to-consumer relations. Lastly, it analyses the current European rules of private international law on the basis of which jurisdiction and applicable law are developed. In this respect, the book concludes that the vast majority of these European rules are “smart contract-proof”.

The book analyzes the most relevant developments in the relation between contracts and technology, from automatically concluded contracts to today's revolutionary "smart contracts" developed through blockchain, which are beginning to and will increasingly disrupt many economic and social relations. First of all, the author offers a broad analysis of the peculiarities and evolution of the relation between contracts and technology. The main features and elements of electronic contracts are then examined in depth to highlight the specific rules applicable to them in the international comparative legal framework. In turn, the book provides a detailed explanation of the technology, economic and social dynamics, and legal issues concerning blockchain and smart contracts. The analysis focuses on the question of the legal nature of smart contracts, the issues posed by their development and the first legal solutions adopted in some countries. The comparative approach pursued makes it possible to focus attention on the first solutions adopted until now in various systems, with particular regard to the circulation of models and ideas and to the specificities of their local variations, in terms of e.g. applicable law and jurisdiction. In reviewing the characteristics of distributed ledger technologies, and in particular of the blockchain technology on which smart contracts are based, above all the peculiarities of the latter are taken into consideration, especially automatic execution and resistance to tampering, which simultaneously present significant opportunities and complex legal issues. A comprehensive framework is then provided to reconcile smart contracts with comparative contract law, in order to define the scope and specificities of their binding force, legal effectiveness and regulation in various legal systems. Lastly, with specific reference to the elements, pathologies and contractual remedies for smart contracts, the book examines the peculiarities of their application and the main issues that emerge in comparative contract law in order to promote their harmonized use, in keeping with the transnational nature of such a revolutionary tool.

The product of a unique collaboration between academic scholars, legal practitioners, and technology experts, this Handbook is the first of its kind to analyze the ongoing evolution of smart contracts, based upon blockchain technology, from the perspective of existing legal frameworks - namely, contract law. The book's coverage ranges across many areas of smart contracts and electronic or digital platforms to illuminate the impact of new, and often disruptive, technologies on the law. With a mix of scholarly commentary and practical application, chapter authors provide expert insights on the core issues involving the use of smart contracts, concluding that smart contracts cannot supplant contract law and the courts, but leaving open the question of whether there is a need for specialized regulations to prevent abuse. This book should be read by anyone interested in the disruptive effect of new technologies on the law generally, and contract law in particular.

Digital Technologies and the Law of Obligations critically examines the emergence of new digital technologies and the challenges they pose to the traditional law of obligations, and discusses the extent to which existing contract and tort law rules and doctrines are equipped to meet these new challenges. This book covers various contract and tort law issues raised by emerging technologies – including distributed ledger technology, blockchain-based smart contracts, and artificial intelligence – as well as by the evolution of the internet into a participative web fuelled by user-generated content, and by the rise of the modern-day collaborative economy facilitated by digital technologies. Chapters address these topics from the perspective of both the common law and the civil law tradition. While mostly focused on the current state of affairs and recent debates and initiatives within the European Union regulatory framework, contributors also discuss the central themes from the perspective of the national law of obligations, examining the adaptability of existing legal doctrines to contemporary challenges, addressing the occasional legislative attempts to deal with the private law aspects of these challenges, and pointing to issues where legislative interventions would be most welcomed. Case studies are drawn from the United States, Singapore, and other parts of the common law world. Digital Technologies and the Law of Obligations will be of interest to legal scholars and researchers in the fields of contract law, tort law, and digital law, as well as to legal practitioners and members of law reform bodies.

This book brings together a series of contributions by leading scholars and practitioners to examine the main features of smart contracts, as well as the response of key stakeholders in technology, business, government and the law. It explores how this new technology interfaces with the goals and content of contract law, introducing and evaluating several mechanisms to improve the 'observability' and reduce the costs of verifying contractual obligations and performance. It also outlines various 'design patterns' that ensure that end users are protected from themselves, prevent cognitive accidents, and translate expectations and values into more user-oriented agreements. Furthermore, the chapters map the new risks associated with smart contracts, particularly for consumers, and consider how they might be alleviated. The book also discusses the challenge of integrating data protection and privacy concerns into the design of these agreements and the broad range of legal knowledge and skills required. The case for using smart contracts goes beyond 'contracts' narrowly defined, and they are increasingly used to disrupt traditional models of business organisation. The book discusses so-called decentralised autonomous organisations and decentralised finance as illustrations of this trend. This book is designed for those interested in looking to deepen their understanding of this game-changing new legal technology.