The Existence and Enforceability of Smart Contracts under Serbian Law

Although today, in different aspects of social life and economy, we learn to live and work with emerging technologies, when it comes to the use of smart contracts, the question remains whether the modern contract law is applicable to smart contracts, are they enforceable and what are potential limitations.

Defined in a simple manner, smart contracts are “self-executing electronic instructions drafted in computer code operating on the basis of the principle “If A, then B” and stored on a blockchain platform.  A typical and well-known example is vending machines, where the machine releases the chosen good so the buyer can pick it up when he or she enters a form of payment into the machine.

In practice, the technical side cannot always solve the problems that occur when using smart contracts. Given that smart agreements are self-enforceable, it is hard to imagine situations where a dispute could be raised from the non-execution of the agreement, and therefore situations where the intervention of judicial authorities would be needed.

In the article HERE, our Associates Živko Simijonović and Katarina Grek give a comprehensive insight on how smart contracts function and point out many important open questions that remain to be answered, with smart contracts certainly representing the future of contract law.

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