Research On The Legal Nature And Effectiveness Of Smart Contract

Smart contract is a contract that uses computer language instead of legal language to record terms.The principle is smart contract puts the contract in an open distributed database and realizes contract automation management,thus reducing human intervention and reducing contract risk.However,due to the nature difference between computer language and traditional language and the immutable nature of distributed account book,there is a conflict between smart contract and traditional legal system,which urgently needs to be solved.In this paper,the legal problems encountered in the application of smart contract,the nature disputes of smart contract and the nature of the contract are discussed,and the particularity of the legal effect of smart contract is also discussed.This paper discusses and analyzes the legal nature and validity of smart contract in four parts: the construction and perfection of the legal nature and effectiveness system of smart contract.The first part of the article puts forward the legal problems encountered in the application of smart contract.First,whether smart contract under block chain technology should be included in the legal context,and what is the difference between smart contract and traditional contract.Secondly,the legal issues of smart contract can be discussed on the basis of defining the legal nature and legal effect of smart contract.The second part is the argument about the nature of smart contract and the nature of contract.It mainly revolves around two aspects: on the one hand,the academic circles discuss the nature of smart contract,the representative theory has the theory of self-help behavior,the theory of procedure,and etc.On the other hand,it demonstrates the nature of smart contract.Smart contract has elements which accord with the legal relationship of contract,which are the subject,object and content of stipulating rights and obligations respectively.The third part of the chapter analyzes the particularity of smart contract as the legal effect of contract through four aspects.First of all,the contract content presented in the form of code after encryption of smart contract,and its contract validity identification and interpretation rules have particularity.Secondly,the judgment of the ability of the smart contract contracting body has its particularity,the ability of the smart contract contracting subject can not be found through the registered subject,and the legal definition of the subject position of the smart contract provider is not clear.Leading to a lack of clarity on their responsibilities.Thirdly,the smart contract shows a strong particularity in the expression of meaning,and the traditional legal problems,such as the judgment of the expression of meaning,the error and revocation of the expression of intention,are difficult to be realized through the existing legal rules.Finally,the execution mode of the smart contract determines the difference between the performance effect of the smart contract and the general contract.The rules of the performance of the smart contract,the discharge rule and the liability for breach of contract are all special.The fourth part of the article combines the current legislative situation,from the Contract Law,General provisions of Civil Law,Electronic Commerce Law and other related institutional defects.In order to achieve a great deal of development,smart contract need to overcome the existing legal system of the docking and coordination problems.It mainly starts from four aspects: one is to discuss the defects of the existing relevant system in the application of smart contract,the other is to perfect the Contract Law and its judicial interpretation.The third is the determination of the special rules applicable to the smart contract in the General principles of Civil Law,and the fourth is the determination of the electronic evidence of block chain in the current civil law.By perfecting the current legal provisions,the uncertainty in the application of smart contract is reduced,and the legal risk caused by this is avoided.