1/ Successful Internet companies can usually be characterized by the phases of a deal (economist’s “contract”) they improve the most
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Will the legal community allow smart contracts on someone else's terms? https://www.thehutchreport.com/blog-post/2017/6/20/blockchain-smart-contracts-what-happens-if-they-are-not-honored …
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If a court has jurisdiction over the parties—at least in the US—a court will exercise authority and analyze the “deal.” /1
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What if the parties are individuals or small businesses in Guatemala dealing with same in Canada? Or in Albania with same in Zimbabwe?
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It becomes a jurisdiction question and a question of whether a party can enforce a judgement.
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For example, if there is a mistake in the agreement, the Canadian party could attempt to hail the Guatemalan party into Canadian court.
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You've just consumed many times the value of the deal in legal fees. With smart contracts a vast network of such deals will become possible.
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Agree and we’ll develop standardized code to account for a range of contingencies.
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For many smart contracts will be a boon; legally they still fit within existing systems.
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Likely the emergence of a "new" jurisdiction - the internet. With its own set of common laws.
End of conversation
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