Key findings of our research Electronic Electronic nature not problematic for many (but not all) jurisdictions in establishing status contractual formation Certainty as to contractual terms often a critical factor: can the code be understood Certainty by a party? of terms Smart contracts that merely automate a particular process but do not include (or operate in conjunction with) contractual terms may not satisfy such requirements Follow-on Follow-on contracting (by which a later, separate contract is brought about by contracting performance of an earlier smart contract) may not give rise to a legally enforceable contact in some jurisdictions Other technical Other technical requirements of the applicable jurisdiction’s law (typically requirements prescribed by legislation) may, in a few jurisdictions, be a potential impediment to legally binding contractual effect UNRESTRICTED 157