The Restatement (Second) of the Law of Contracts is a legal treatise from the second series of the Restatements of the Law, and seeks to inform judges and lawyers about general principles of contract common law.
It is one of the best-recognized and frequently cited legal treatises in all of American jurisprudence. Every first-year law student in the United States is exposed to it, and it is a frequently cited non-binding authority in all of U.S. common law in the areas of contracts and commercial transactions.
In the age of high technology, the trend of smart is very
relevant. Smart contracts are a very contested topic.
A smart contract has huge advantages over the usual one.
First of all, it’s his defense. The system is structured in such a way that the
parties to the treaty and their resources are controlled and protected.
Participants in this process may not be concerned about the correctness of the
obligations, as if the conditions are not met, the contract will be cancelled.
In addition, the use of smart contracts can eliminate the need for
intermediaries, significantly reducing operating costs. This is a huge advantage
of this type of contract. A smart contract can be defined as a tool that
formalizes and protects computer networks by combining protocols with the user
interface.
Judith Rirearson is not sure that such contracts will
someday replace the usual ones, but everything is interchangeable, especially
it can help optimize the state system. The information is more secure and more
accurate, thanks to automatic input. In addition, smart contracts allow you to
execute transactions without additional persons, i.e. intermediaries. All
documents are encrypted and stored in the registry, which excludes forgery or
loss of these documents.
Issues of regulation and taxation of transactions with smart contracts have not been actively discussed by the international community for the first year. After all, it is the legal uncertainty in the sphere of crypto and blockchain that is a serious threat to world financial stability. Undoubtedly, the world situation on the blockchain field is extremely interesting to study, but I would be interested to share with your ideas precisely about the possibility of introducing smart contracts into the Ukrainian legal system.
This year I was lucky to get acquainted with Natalia Drick, head of the Blockchain Association of Ukraine and to attend her lecture on the prospect of developing smart contracts, crypto in Ukraine and the legal brain of their use. Thanks to that meeting, I was interested in the topic and now I can share my own thoughts on it.
So. What actions does Ukraine need to take to predeterminate the legal scope of smart contracts?
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