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Full-Text Articles in Law
Smart Contracts And Consumers, Tatiana Cutts
Smart Contracts And Consumers, Tatiana Cutts
West Virginia Law Review
“Smart contracts” are a way of using computers to make contracts unbreakable. Contracting parties do not need to trust one another to perform or rely upon intermediaries to enforce performance. Performance is guaranteed. This is supposed to be a victory for the ordinary person—a clever socio-economic application of cryptography that strips power from companies and governments and gives it to consumers. But it turns out that less trust does not mean more freedom, or better bargains. The law of contract supports valuable relationships both by enforcing duties and by allowing parties to escape the consequences of ill-formed contracts and oppressive …
Contracts--Developing Concepts Of Unconscionability, Kevin D. Dolan
Contracts--Developing Concepts Of Unconscionability, Kevin D. Dolan
West Virginia Law Review
Section 2-302 of the Uniform Commercial Code is a widely discussed and controversial statement of the law of unconscionability. It was a part of the original UCC as adopted by Pennsylvania in 1953, but some states elected to omit that section when they accepted the UCC. There are three fundamental reasons for their not adopting the section. The first objection is that the section goes against the security of the transaction by allowing the courts to remake parts of the contract. The second stems from the fact that the section limits the parties' freedom to contract because it is often …