Some country-specific observations Current legislative proposals to clarify the position USA Key issues: (1) how the parties give assent to the terms; (2) what steps need to be taken to ensure courts ?t are satisfied parties have sufficient notice of the terms (usual rules will apply) ca Current precedent indicates US courts may be open to the possibility of follow-on contracting rt No legislation dealing with the issue specifically, but EU directive requires contracts can be concluded on UK electronically. Electronic nature unlikely to be relevant c Usual rules concerning contract formation likely to apply ng Limited authority to suggest follow-on contracting may be possible din bi Australia Electronic Transactions Act 1999 facilitates electronic contracting and contemplates follow-on contracting yll In other respects usual common law principles relating to formation apply ga Currently a machine/software cannot declare intent (a requirement for contract formation) - human Le Germany behaviour is required. But is it possible that machine/software actions might be attributed to the person responsible The more independently a smart contract acts, the less likely the necessary attribution would be UNRESTRICTED 158
2nd R3 Smart Contract Templates Summit (All Slides) Page 158 Page 160