In some contexts, ‘smart contract’ is a misnomer: it’s just a computer program that resembles a legal contract but does not interact with the government in any way.
Typically speaking, a legal contract does not interact with the government—only a very small percentage of contracts are adjudicated by a court or reviewed by any government body.
In other words, moving around money, tangible objects, services, and intangible rights is a reasonable shorthand for > 80 % of the things the law would call a contract.
Typically speaking, a legal contract does not interact with the government—only a very small percentage of contracts are adjudicated by a court or reviewed by any government body.
In other words, moving around money, tangible objects, services, and intangible rights is a reasonable shorthand for > 80 % of the things the law would call a contract.