Offer and Acceptance, and Some of the Resulting Legal Relations

Corbin, Arthur L.

doi:10.2307/786706

Cited by 8 publications

(4 citation statements)

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“…В американской юридической науке проводится четкая разница между соглашением и контрактом (Corbin, 1917). Федерального договорного права в США не существует -толкование и возможность принудительного исполнения контрактов через суд (англ.…”

Section: проблемы имплементации смарт-контрактовunclassified

“…выше). Так, например, одно только техническое задание по созданию системы, отслеживающей все возможные реестры, в которых отражается инициирование процедуры банкротства в отношении контрагента в его юрисдикции, вызывает большое количество трудностей объективного характера 9 .…”

Section: рекомендации по имплементацииunclassified

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Smart contracts in OTC derivatives trading: Legal aspects

Bobkov

2020

DLJ

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The articles focuses on opportunities and problems connected with implementation of smart contracts into “over-the-counter” derivatives trading. The importance of success of professionals who work on this cannot be underestimated: the volume of “over-the-counter” derivatives market is huge, its automatization and transparency provided by implemented smart contracts could dramatically increase its economic efficiency. In this study, the author aims at answering the following question: what aspects of “over-the-counter” derivatives trading could take a quantum leap because of the implementation of smart contacts and, per contra, what aspects could not benefit from implementation of underlying technologies at all. The author starts with the overview of “over-the-counter” derivatives market, investigates the matter of its internal design, main features and the structure of legal documentation used by market participants. Then the article provides the analysis of smart contract phenomenon, summary of its engineering aspects and difficulties connected with the implementation of smart contracts as a practical matter, including underlying legal issues. The third part is a synthesis of ideas indicated in previous parts. Herein the author examines the perspectives of adoption of smart contracts in “over-the-counter” derivatives trading, identifies the problems that cannot be resolved yet: different parts of legal relations existing between market participants shall be structured in a flexible way and shall be subject to revision under specific conditions. Smart contracts in their turn cannot be considered as a flexible tool and the revision of their terms requires the input from highly experienced specialists that dramatically increases the costs of their implementation and maintenance. As a matter of conclusion, the author gives recommendation to potential developers of smart contacts to implement them only in relation to the automatization of payments and deliveries as at the moment the clearing can be considered as the most appropriate area for the implementation and use of smart contracts.

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Section: проблемы имплементации смарт-контрактовunclassified

Section: рекомендации по имплементацииunclassified

Smart contracts in OTC derivatives trading: Legal aspects

Bobkov

2020

DLJ

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“…The rules of contract, like all other rules of law, are based upon mere matters of policy, or belief as to policy." 73 Charles Fried has defended the classical view of crossed offers on both formalistic and administrative grounds. He posits two letters sent on Monday that cross one another in the mail and arrive on Wednesday for both parties.…”

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confidence: 99%

Offer and Acceptance in Modern Contract Law: A Needless Concept

Bayern

2013

SSRN Journal

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“…The state regulates “private” conduct though private law as much as it regulates through legislation and administration: the going rules of property‐tort‐contract delegate and distribute the powers to coerce and to organize; property gives the authority to subject others to the holder's rule; grants of legal immunities empower the grantees to inflict harm on others without penalty. Facts stated as premises of legal decisions, such as whether someone had possession of goods or had accepted an offer to contract, were often legal conclusions in disguise (see Corbin 1917; Cook 1935).…”

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confidence: 99%

“Critical Legal Histories Revisited”: A Response

Gordon¹

2012

Law soc. inq.

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The author responds to comments reappraising “Critical Legal Histories” (CLH) (1984). CLH critiqued “evolutionary functionalism,” the idea that law is a functional response to a typical modernizing process. CLH argued that “society” was partly constituted of legal elements and that law was too indeterminate to have reliably regular functional effects. CLH has been misinterpreted as calling for a return to internal histories of “mandarin” doctrine: all it said was that some doctrinal histories were valuable, without privileging them. This response clarifies that the relations of law to society and social change, and of high‐level official law to everyday local law are distinct issues. CLH is mostly moot today, since social‐legal historians have incorporated its insight that legal concepts are embedded in everyday social practice. But other fields have revived deterministic Whiggish accounts of progressive development and of law functional to it—to which CLH's critique still seems relevant.

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Offer and Acceptance, and Some of the Resulting Legal Relations

Cited by 8 publications

References 0 publications

Smart contracts in OTC derivatives trading: Legal aspects

Smart contracts in OTC derivatives trading: Legal aspects

Offer and Acceptance in Modern Contract Law: A Needless Concept

“Critical Legal Histories Revisited”: A Response

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