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Code is Law: A Legal Justification of Irreversible Execution of Smart Contracts through Consideration

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  • Sundell, Ville

Abstract

The legal standing of smart contracts, specifically with regard to their irreversible execution on distributed ledgers, remains a subject of ongoing debate in the realm of jurisprudence. The 'code is law' principle introduces significant questions about legal validity. This paper ventures to provide a novel perspective by situating 'code is law' within the framework of contract law, specifically through the lens of contractual consideration. I propose that the irreversible execution of smart contracts furnishes symmetrical added value for the parties involved by potentially minimizing transaction costs. I argue that this could serve as a valid form of consideration, thereby providing a possible legal grounding for the 'code is law' principle.

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Handle: RePEc:osf:lawarc:z9gma
DOI: 10.31219/osf.io/z9gma
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