is Smart Contract legally accepted?

[Partout]

I've set up a meeting with a representative of a large International Law firm.
a. will try to find more about the current status of the smart contract.
b. wonder if Law firm can back up such a contracts.

I've met with representatives.

a. the technology (smart contract) is under "internal investigation" in the firm.
b. If some startup decided to use smart contract it has to allow audit from a law firm.
c. if smart contract regulates term and conditions between foreign companies it has to comply with local regulations.

[Franko30]

I think no
But i know project where there is an own arbitration system - confideal.

[xIIImaL]

I've set up a meeting with a representative of a large International Law firm.
a. will try to find more about the current status of the smart contract.
b. wonder if Law firm can back up such a contracts.

I've met with representatives.

a. the technology (smart contract) is under "internal investigation" in the firm.
b. If some startup decided to use smart contract it has to allow audit from a law firm.
c. if smart contract regulates term and conditions between foreign companies it has to comply with local regulations.

The information you clarified is implemented in which country dude. I would like to know the will it be going to positive to confirm that eth based smart contract projects are legal for everyone or whether they put any taxes on working in these kind of projects.
I am not sure, how you saying that foreign companies will goes local rules dude. Every government will give a convenient to those people to set up the business in different country.

[Partout]

The information you clarified is implemented in which country dude. I would like to know the will it be going to positive to confirm that eth based smart contract projects are legal for everyone or whether they put any taxes on working in these kind of projects.
I am not sure, how you saying that foreign companies will goes local rules dude. Every government will give a convenient to those people to set up the business in different country.

not sure if I understood your question correctly.
the general rule is smart contract should include reference to terms and conditions
of the country it's applied.
for instance, if there is a contract between US aggregator and UK service provider
it should comply with regulations of the state where the service is applied.

[faaty]

The answer is no, but think about it for a second. Once smart contracts of one or more platforms, such as Ethereum, Neo or Waves is accepted, I can not imagine how far prices of these coins will go. I think we are getting end of Bitcoinisation, but rise of Smart Contract platforms did not start yet. When it started, we all will be real rich

I think Smart Contracts will be accepted soon or late. This is something like in 90s, it will be legalised how internet did

[Partout]

I think Smart Contracts will be accepted soon or late. This is something like in 90s, it will be legalised how internet did

My guess, all we need is Precedent in US or EU.

[IQeon]

Is there are countries where  Smart Contract accepted by a court?

There is no country that accepts the smart contract because that was already accepted around the world, Did you ever read the more about the rules of the technology. And all of the technology will be legally accepted in anywhere. Smart contract just a code and is that makes sense to think that will not be accepted by the country? You talk about the non-sense thing and the code doesn't have any relationship with the legalism.

You're right, smart contract just a code, but what if his conditions are not met by one of the side? go to court?
except that this code is also an agreement with the conditions. And the legitimacy of these conditions is determined by the norms of the law.
You are right that there is no point in obscuring the form of the contract - a smart contract, but there are also compliance the conditions with the law

I fully agree with you. The legality of the terms of the contract makes it legal in the country.

[Franko30]

If you interested in smart contracts take a look - https://medium.com/@confideal/why-will-confideal-ico-be-successful-ad293f09d7e1

[Partout]

If you interested in smart contracts take a look - https://medium.com/@confideal/why-will-confideal-ico-be-successful-ad293f09d7e1

Thank you very much for the link!!!!

that's what I was looking for:

"in July this year, a Blockchain Smart Contract Arbitration was conducted. Interestingly, this was not the work of cryptocurrency enthusiasts. Instead CMS Hasche Sigle (one of the leading commercial law firms in Germany), have made a successful test-run. CMS developed the so-called Blockchain Arbitration Rules governing the procedural aspects of arbitration proceeding, which among other things allowed for documents and pleadings to be verified via the blockchain."

[Partout]

Here are  details:
http://datarella.com/codelegit-conducts-first-blockchain-based-smart-contract-arbitration-proceeding/

[bitcoinvestor]

Are there  countries where  Smart Contract accepted by a court?

I think you minsunderstand about smart contract. for the referrence you can read this article below

Smart Contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.(http://www.investopedia.com/terms/s/smart-contracts.asp)

Smart contract can be applied in all online programing system like financial, budgeting, voting and many others. WHy government not legalize smart contract. The current issue is not smart contract but cryptocurrencies. ETH, BTC, XMR and all cryptocurrencies are still have deal with law and enforcement in some countries. In China , cryptocurrencies are banned, but in Japan is legal. There are some regulated cryptocurrency exchangers there. Smart Contract is different field of subject when we talk about legal or not legal. It is a matter of mastering the technology.

[Partout]

I think you minsunderstand about smart contract.

that's why I opened this discussion, to clarify my possible misunderstandings before I make any further decisions.
still, looks like CodeLegit confirms the legality of the approach.

"Mock arbitral proceeding
In our example, one party which considers the other party to be in a breach of the legal contract pauses the execution of the Smart Contract by triggering a function pauseAndSendToArbitrator in the Arbitration Library. This function automatically notifies a so-called Appointing Authority defined in the Blockchain Arbitration Rules. The Appointing Authority then proposes an Arbitrator who reviews the statements of claim and defence, decides upon the case and finally delivers his arbiter award to the parties. According to the award, the Appointing Authority either resumes the Smart Contract, modifies its execution or ends it permanently, depending on the resolution. The arbitrator is paid with funds available in the Smart Contract in dispute.
Advantages"

[Franko30]

If you interested in smart contracts take a look - https://medium.com/@confideal/why-will-confideal-ico-be-successful-ad293f09d7e1

Thank you very much for the link!!!!

that's what I was looking for:

"in July this year, a Blockchain Smart Contract Arbitration was conducted. Interestingly, this was not the work of cryptocurrency enthusiasts. Instead CMS Hasche Sigle (one of the leading commercial law firms in Germany), have made a successful test-run. CMS developed the so-called Blockchain Arbitration Rules governing the procedural aspects of arbitration proceeding, which among other things allowed for documents and pleadings to be verified via the blockchain."

Feels good when help people to find the right information.

[shata]

I think Smart Contracts will be accepted soon or late. This is something like in 90s, it will be legalised how internet did

My guess, all we need is Precedent in US or EU.

This smart contract is legally accepted by some country that really understand its value. Proponents of smart contracts claimed that many kind of contractual clauses may be made partially or fully self executing. However, it is not yet totally accepted by some county. Even me can't explain further about this. I Need help for some explanation.