CIGI Papers No. 271 — February 2023 - Enforcing Smart Legal Contracts

20.500.12592/tcbnpp

CIGI Papers No. 271 — February 2023 - Enforcing Smart Legal Contracts

16 Feb 2023

The digital value of the asset of Unilateral Contracts: Judicial Treatment.” to be transferred and the time limit imposed on the purchase indicate that the nature of the The Capacity to Contract May relationship is commercial and consequential Invalidate a Smart Legal Contract between the parties if conditions are not met. [...] (Element of Contract Formation) The capacity to contract on the blockchain does not refer to the ability of the smart contract technology to enter into legal relations but the capacity of the person authorizing the transaction (for example, the 42 Ibid. [...] The challenge with smart legal contracts where The next section of the paper deals with challenges the capacity to contract is concerned is that there to the enforcement of smart legal contracts may be no way of ascertaining whether the parties in common law jurisdictions with specific to the agreement had the legal capacity to enter reference to Canada and the United States. [...] assenting to its terms and conditions is immaterial The requirement for the offer to state all the terms to the formation of the contract.67 In Douez v on which it is based, and that the acceptance Facebook (Douez), the plaintiff sued Facebook under constitutes assent to all the terms based on a British Columbia’s Privacy Act68 over the use of her “meeting of the minds” on what the contract name a. [...] However, the option to purchase was agreement.94 The ONCA found strict compliance a unilateral contract by which the owner of the on payments and financing was required, and charter vessel promised to sell the ship to the since the respondent had breached these terms, lessee at the end of the lease.
Pages
32
Published in
Canada
Title in English
CIGI Papers No. 271 — February 2023 - Enforcing Smart Legal Contracts [from PDF fonts]

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