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Full-Text Articles in Law
The Limits Of Smart Contracts, Jens Frankenreiter
The Limits Of Smart Contracts, Jens Frankenreiter
Ira M. Millstein Center for Global Markets and Corporate Ownership
This essay investigates the potential of smart contracts to replace the legal system as an infrastructure for transactions. It argues that (contract) law remains relevant for most transactions even if they are entirely structured by way of smart contract. The reason for this is that the power of smart contracts to create and enforce obligations against attempts by the legal system to thwart their execution is limited. These limitations are most relevant for obligations to perform certain actions outside the blockchain, but also apply to other obligations contingent on facts outside the records stored on the blockchain.
Aversion To Risk Aversion In The New Institutional Economics, Victor P. Goldberg
Aversion To Risk Aversion In The New Institutional Economics, Victor P. Goldberg
Faculty Scholarship
One significant division that emerged during the conference involved the role of risk aversion in analyzing institutional arrangements. I, along with Oliver Williamson, took the position that the risk aversion assumption deflects attention from the more significant determinants and that more progress would be made if we could bind our hands and agree to invoke attitudes toward risk only as a last resort. Professor Richter has graciously given me this opportunity to elaborate upon this theme.
Clarifying The Record: A Comment, Victor P. Goldberg
Clarifying The Record: A Comment, Victor P. Goldberg
Faculty Scholarship
In their recent article in this journal, Boudreaux and Ekelund [1987] ha presented a distorted characterization of some of my work on the economics o regulation. The editor of this journal has graciously offered me the opportunity to respond to their criticisms and to redress some ambiguities, real or imagine in my earlier work.
Impossibility And Related Excuses, Victor P. Goldberg
Impossibility And Related Excuses, Victor P. Goldberg
Faculty Scholarship
In the first section I present an e of why reasonable businessmen would choose to excuse performance for some changed circumstances, but not others. In the remainder of the paper I will analyze specific problems that have arisen in the impossibility case law and literature. The explanation forwarded in Section 1 will play a prominent role in much of that discussion. Largely because their paper stimulated my thoughts on the problem, I will contrast my analysis of some of the specific cases to that of Posner and Rosenfield [1977]. I will not, except in passing, critique the case law, the …