Machines and Contractual Intent
7 Pages Posted: 7 Jan 2022
Date Written: January 6, 2022
Machines are making contracts—law is not ready. This paper describes why machine-made contracts do not fit easily into the common law of contracts or the Uniform Commercial Code for Sales. It discusses three ways to fit machine-made contracts into common law and discusses the challenges with each approach. Then it presents a new UCC Sales provision that uses Web3 concepts like blockchain to certify machine-made contracts in traditional legal systems.
This is an early stage work in progress for which I welcome comments, corrections, and clarifications!
Keywords: Artificial Intelligence, Machine learning, Internet of Things, Smart Contracts, Web3, Blockchain
JEL Classification: K12, L, O
Suggested Citation: Suggested Citation