OTHER LIMITATIONS • Do we want entirely code-bases smart contracts? • In certain instances, there is value in keeping contracts open-ended or ambiguous, because it can provide flexibility to the parties while also cutting down on the time and expense of negotiation. • Even if smart contracts make it easier for parties to specify a greater number of possible states of the world, the cost of specifying these contingencies could surpass any gains that may result from such an exercise. • In many cases, it may be more cost-effective to address remote contingencies after the fact—and renegotiate or make further adjustments to an economic arrangement at that point in time—rather than negotiate them up font. UNRESTRICTED 151