> No. Because a smart contract is computer code, a smart contract may represent all, part, or none of a valid
legal contract under U.S. law. Smart contracts function – in whole or in part – to give effect to legal
contracts. Thus, smart contracts are the programmatic means by which some or all of the terms of the legal
contract are performed. It is the underlying contractual terms that are given legal effect.
That legal contract and the contractual terms is what is evaluated and governed by the legal system. Smart contracts are fancy business logic snake oil salespeople are attempting to sell as the law of the land.
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> Is A Smart Contract Always A Legal Contract?
> No. Because a smart contract is computer code, a smart contract may represent all, part, or none of a valid legal contract under U.S. law. Smart contracts function – in whole or in part – to give effect to legal contracts. Thus, smart contracts are the programmatic means by which some or all of the terms of the legal contract are performed. It is the underlying contractual terms that are given legal effect.
That legal contract and the contractual terms is what is evaluated and governed by the legal system. Smart contracts are fancy business logic snake oil salespeople are attempting to sell as the law of the land.