Rethinking Mistake in the Age of Algorithms (Blog Post)

Abstract

In our previous note: Cryptocurrencies and Code before the Courts ((2019) 30(3) King’s Law Journal 331 - 337), we discussed the Singapore International Commercial Court (High Court)’s decision in B2C2 Ltd v Quoine Pte Ltd. The case subsequently went on appeal, and the Singapore International Commercial Court (Court of Appeal), by a majority, affirmed the decision of the lower court in Quoine v B2C2 (“Quoine”). The case of Quoine represents the first time an apex court in the Commonwealth has ruled on the applicability of contractual principles to situations involving automated trading software. In our recent case note: Rethinking Mistake in the Age of Algorithms (forthcoming in the King’s Law Journal), we examine the decision in Quoine and argue that given that finding actual or constructive knowledge of an error necessary to invoke the doctrine of unilateral mistake may well be impossible in cases involving contracts formed by certain types of automated software, the approach set out by Lord Mance, who penned the dissenting judgment, may provide a viable solution.

Keywords: Contract Law, Artificial Intelligence, Cryptocurrencies, Fintech