‘The Humble Vending Machine’

Gregory Klass, ‘How to Interpret a Vending Machine: Smart Contracts and Contract Law’, 7 Georgetown Law Technology Review (forthcoming, 2022), available at SSRN. Gregory Klass’s ‘How to Interpret a Vending Machine: Smart Contracts and Contract Law’ is an extraordinarily incisive legal analysis of smart contracts. While others have written insightfully about the relationship of smart contracts and legal contracts, Klass utterly nails a central conceptual point: When smart contracts are embedded in legal relationships, they stand in need of interpretation. Nick Szabo introduced smart contracts in the 1990s as contracts ‘embedded in the world’ such that breach is expensive or impossible … (more)

[[James Grimmelmann, JOTWELL, 13 July]

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