Legal Issues Arising from Smart Contracts under the Iraqi Law
DOI:
https://doi.org/10.21928/juhd.v4n4y2018.pp42-47Keywords:
LawAbstract
Smart contracts can be defined as computer codes which are run digitally by computer programs to utilise the negotiation, formation, and performance of an automated and irreversible agreement between the contracting parties. Smart contracts are distinguished from other forms of contracts in terms of the way they are concluded which is through Blockchain Technology. In contrast to conventional contracts established through speech, written words or actions, smart contracts are algorithmic and self-executing agreements. In this article, smart contracts will be discussed from the perspective of their general rules and features and the Iraqi law. This study analyses the formation mechanisms of the general principles in Iraqi law governing the contracts and how these mechanisms can be applied to the new technological framework of smart contracts. In addition, integrating smart contracts into the current legal provisions in Iraq is examined.
References
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R. O'Shields, “Smart Contracts: Legal Agreements for the Blockchain,” North Carolina Banking Institute, vol. 21, no. 1, pp. 177-194, 2017.
A. Savelyev, “Contract law 2.0: ‘Smart’ contracts as the beginning of the end of classic contract law,” Information & Communications Technology Law, vol. 26, no. 2, pp. 116-134, 2017.
M. Kolvart, M. Poola, A. Rull, “Smart Contracts,” in The Future of Law and eTechnologies, Springer International Publishing Switzerland, 2016.
will Blockchain Technology Affect Contractual Practices?” ETLA Reports 68, 2017.
M. Verstraete, “The Stakes of Smart Contracts,” Loyola University Chicago Law Journal, no. 18-20, pp. 1-49, 2018.
Iraqi Civil Code, No. 40, 1951.
Z. A. Ayub, K. Mohamed, Z. I. Aziz, “The Legal Challenges of International Electronic Contracts in Iraq,” International Journal of Social Science Research, vol. 5, no. 2, pp. 57-72, 2017.
K. Werbach, N. Cornell, “Contracts Ex Machina,” Duke Law Journal, vol. 67, pp. 313-382, 2017.
M. A. Fery, Introduction to the Law of Contract, 3rd ed., Tomson Delmar Learning, 2000.
J. O'Sullivan, J. Hilliard, The Law of Contract, 5th ed., Oxford University Press, 2014.
G. Jaccard, “Smart Contracts and the Role of Law,” Jusletter IT 23, 2017. [Online] https://jusletter-it.weblaw.ch/en/issues/2017/23-November-2017.html
R. Stone, The Modern Law of Contract, 8th ed., Routledge-Cavendish, 2009.
S. D. Levi, A. B. Lipton “An Introduction to Smart Contracts and Their Potential and Inherent Limitations,” 2018. [Online] https://corpgov.law.harvard.edu/ or https://bit.ly/2No4Vru.
M. Raskin, “The Law and Legality of Smart Contracts,” Georgetown Law Technology Review, vol. 1, no. 2, pp. 305-341, 2017.
E. T. T. Tai, “Force Majeure and Excuses in Smart Contracts,” in Impact of Technology on International Contract Law: Smart Contracts and Blockchain Technologies, Lyon, 2018.
S. Hourani, “Cross-border Smart Contracts: Boosting International Digital Trade through Trust and Adequate Remedies,” in UNCITRAL Congress on ‘Modernizing International Trade Law to Support Innovation and Sustainable Development, 2017. [Online] https://bit.ly/2L7lKdK.
Electronic Signature & Electronic Transactions Law, No. 78, 2012.
J. D. Hansen, C. L. Reyes, “Legal Aspects of Smart Contract Applications,” 2017. [Online]. https://www.perkinscoie.com/en/news-insights/legal-aspects-of-smart-contract-applications.html.
N. Szabo, “Smart Contracts: Building Blocks for Digital Markets,” Extropy #16, 1996. [Online]. https://bit.ly/2htGy10
P. Catchlove, “Smart Contracts: A New Era of Contract Use,” 2017. [Online]. <https://ssrn.com/abstract=3090226>
C. D. Clack, V. A. Bakshi, L. Braine, “Smart Contract Templates: Foundations, Design Landscape and Research Directions,” 2016. CoRR abs/1608.00771 available at <http://arxiv.org/pdf/1608.00771v2.pdf> accessed 10 February 2018,
J. J. Szczerbowski, “Jakub Smart Contracts in Civil Law. A Few Comments on Form and Interpretation,” 2017, in the 12th Annual International Scientific Conference NEW TRENDS 2017, pp. 333-338. [Online]. https://ssrn.com/abstract=3095933
M. Hulicki, “The Legal Framework and Challenges of Smart Contract Applications,” in International Conference on Artificial Intelligence and Law, 2017. [Online]. https://bit.ly/2uJqbQZ
P. Kamantauskas, “Formation of Click-Wrap and Browse-wrap Contracts,” Teisės apžvalga Law Review, vol. 1, no. 12, pp. 51-88, 2015.
R. O'Shields, “Smart Contracts: Legal Agreements for the Blockchain,” North Carolina Banking Institute, vol. 21, no. 1, pp. 177-194, 2017.
A. Savelyev, “Contract law 2.0: ‘Smart’ contracts as the beginning of the end of classic contract law,” Information & Communications Technology Law, vol. 26, no. 2, pp. 116-134, 2017.
M. Kolvart, M. Poola, A. Rull, “Smart Contracts,” in The Future of Law and eTechnologies, Springer International Publishing Switzerland, 2016.
will Blockchain Technology Affect Contractual Practices?” ETLA Reports 68, 2017.
M. Verstraete, “The Stakes of Smart Contracts,” Loyola University Chicago Law Journal, no. 18-20, pp. 1-49, 2018.
Iraqi Civil Code, No. 40, 1951.
Z. A. Ayub, K. Mohamed, Z. I. Aziz, “The Legal Challenges of International Electronic Contracts in Iraq,” International Journal of Social Science Research, vol. 5, no. 2, pp. 57-72, 2017.
K. Werbach, N. Cornell, “Contracts Ex Machina,” Duke Law Journal, vol. 67, pp. 313-382, 2017.
M. A. Fery, Introduction to the Law of Contract, 3rd ed., Tomson Delmar Learning, 2000.
J. O'Sullivan, J. Hilliard, The Law of Contract, 5th ed., Oxford University Press, 2014.
G. Jaccard, “Smart Contracts and the Role of Law,” Jusletter IT 23, 2017. [Online] https://jusletter-it.weblaw.ch/en/issues/2017/23-November-2017.html
R. Stone, The Modern Law of Contract, 8th ed., Routledge-Cavendish, 2009.
S. D. Levi, A. B. Lipton “An Introduction to Smart Contracts and Their Potential and Inherent Limitations,” 2018. [Online] https://corpgov.law.harvard.edu/ or https://bit.ly/2No4Vru.
M. Raskin, “The Law and Legality of Smart Contracts,” Georgetown Law Technology Review, vol. 1, no. 2, pp. 305-341, 2017.
E. T. T. Tai, “Force Majeure and Excuses in Smart Contracts,” in Impact of Technology on International Contract Law: Smart Contracts and Blockchain Technologies, Lyon, 2018.
S. Hourani, “Cross-border Smart Contracts: Boosting International Digital Trade through Trust and Adequate Remedies,” in UNCITRAL Congress on ‘Modernizing International Trade Law to Support Innovation and Sustainable Development, 2017. [Online] https://bit.ly/2L7lKdK.
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Published
2018-10-13
How to Cite
Hassan, A. A. (2018). Legal Issues Arising from Smart Contracts under the Iraqi Law. Journal of University of Human Development, 4(4), 42–47. https://doi.org/10.21928/juhd.v4n4y2018.pp42-47
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