The Applicability and Prospects of CISG on Smart Contracts
- 10.2991/978-2-494069-45-9_32How to use a DOI?
- CISG; Smart Contract; Contractual Freedom; De-intermediation
The trend in the era of digital globalization has led to innovative attempts in the field of international trade, for example, in the form of smart contracts. Smart contracts aim to digitally automate the execution of legal contracts and improve the ease of trade. However, its formation conditions, validity and risk control, are yet to be regulated by law. The United Nations Convention on Contracts for the International Sale of Goods (CISG), as a uniform substantive law regulating the commercial relations of States in international commercial activities, is valuable in responding to the emerging legal issues arising from the products of technological developments. This study discusses the specific criteria for the formation of smart contracts under the CISG Convention from the perspective of international law and in relation to the specific legal elements. Following this, it analyses the loopholes and challenges of smart contracts in practice from the perspective of contractual freedom and disintermediation, and proposes some improvements in preserving the immutability of the contract and reducing the risk of third party platforms. Finally, the prospects for the application of smart contracts as an aid in international commercial contracts are discussed.
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Cite this article
TY - CONF AU - Yufei Zhang PY - 2022 DA - 2022/12/16 TI - The Applicability and Prospects of CISG on Smart Contracts BT - Proceedings of the 2022 2nd International Conference on Modern Educational Technology and Social Sciences (ICMETSS 2022) PB - Atlantis Press SP - 268 EP - 274 SN - 2352-5398 UR - https://doi.org/10.2991/978-2-494069-45-9_32 DO - 10.2991/978-2-494069-45-9_32 ID - Zhang2022 ER -