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June 20, 2016, 03:08:42 AM |
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Swiss Contract law requires:
1) Consent of the parties: Acceptance by both parties
2) No Negative elements: Impossibility and Illegality (neither of these apply)
3) Conclusion of contract by representatives: Both parties accepted the contract on their own behalf or are valid representatives of the contractual party.
4) Elements of Interpretation: Does not include Fraud, Duress, etc...
5) Breach of Contract: Damages as a general remedy for a breach. :The general rule is that a party to a contract not performing it correctly, as it is written, must pay damages compensating the failure of performance or its imperfections.
There is no requirement of consideration. Most of the wording in Swiss contract law is written to protect the party agreeing to the contract, not the entity that writes the contract, for obvious reasons.
The irony in all this is that Vitalik is the one, by Swiss law, that could be sued for breach of contract.
You can't write an unprofitable smart contract, then turn around and claim theft when someone takes the other end of the contract and takes all your money. Think about how ridiculous that sounds. Any attempt to undo or rewrite the contract is a breach of contract by Swiss law.
The whole idea of a smart contract is that it inherently holds all of the requirements of a legal contract, provides security superior to traditional contract law, and once entered, it cannot be undone. All of these characteristics of a smart contract have been espoused by Vitalik himself and his own words will be used against him when he is sued in court.
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