ENFORCEABILITY OF AGREEMENTS ENTIRELY WRITTEN IN CODE • Answer in New York is largely “yes”; due to the E-Sign Act and New York Electronic Signatures and Records Act (ESRA) • E-Sign: • “a contract relating to such transaction may not be denied legal effect, validity, or enforceability solely because an electronic signature or electronic record was used in its formation.” 15 U.S.C. § 7001. • Electronic record defined as a “a contract . . . .generated . . . by electronic means.” 15 U.S.C. § 7006. • Electronic signature defined as “symbol[] or process, attached to or logically associated with a contract or other record . . . executed or adopted by a person with the intent to sign the record.” 15 U.S.C. § 7006. UNRESTRICTED 145
2nd R3 Smart Contract Templates Summit (All Slides) Page 145 Page 147