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Legal Studies
Reference:

Legal Aspects of Concluding, Amending or Terminating Smart Contracts

Lukoianov Nikita Viktorovich

Lecturer at the Department of International Private and Civil Law of MGIMO

119602, Russia, g. Moscow, ul. Prospekt Vernadskogo, 76

nikitaluk.mimun@gmail.com
Другие публикации этого автора
 

 

DOI:

10.25136/2409-7136.2018.11.28115

Review date:

24-11-2018


Publish date:

07-12-2018


Abstract.

The subject of the research is the practical issues that may arise in the process of concluding, performing or terminating smart-contracts, i.e. forms of automated performance of contractual terms performed via the distributed ledger. Lukoyanov compares approaches to conslusion of smart contracts to the current methods of conclusion of contracts used in Roman-German and English-American laws. The author analyzes how smart contracts can be modified or amended as well as opportunities of control over stages of contract performance and methods of performance of obligations. The author pays special attention to the question of self-regulation and restriction of the scope of application for the state mechanism of dispute resolution when disputes result from smart contracts. The methodological basis of the research involves general and special research methods including dialectical method and methods of categorial and logical analysis as well as the method of comparative law studies. Analysis of new technological solutions that can be used in law is important for the development of modern digital economy in Russia. The author concludes that smart contract should be deemed concluded at the moment when a record about acceptance of a smart contract is made in a certain blockchain. Execution of a smart contract deployed in the deterministic space of a distributed registry is possible by obtaining information from the external environment from special programs called oracles. The state mechanism for enforcement and dispute resolution of smart contracts seems to be ineffective, and therefore, adequate regulation of the emerging relations can be carried out only on the basis of the principle of autonomy of the will of participants, self-regulation, separated from the national law of the lex electronica system.

Keywords: modification of contract, performance of contract, formation of contract, Blockchain, obligations, Contracts, Smart Contracts, termination of contract, lex electronica, Internet
This article written in Russian. You can find full text of article in Russian here .

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Santi Romano. L'ordinamento giuridico. 2 ed. con aggiunte. Firenze : Sansoni, 1946. P. 49
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