Whether a smart contract is a legally enforceable contract depends on ordinary contract law: offer, acceptance, consideration, and intent. Several states have passed laws confirming that code-based agreements and blockchain signatures are valid.
The code executes regardless; the legal question is what happens when the code and the parties’ intentions diverge, or when a bug moves funds no one meant to move. Courts have applied existing contract and property law rather than creating new rules.
For a business building on smart contracts, the written terms surrounding the code decide the remedies, and for a tax position, the economic substance of what happened controls. Smart contract.
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