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While smart contracts purely written in code do not seem to require legal enforcement due to their self-executing nature, they are not exempt from it entirely. For example, where the contract is for something illegal or is made as a result of duress, the law may still step in to intervene.

No. There are no legal restrictions on hiding significant terms of a contract in the fine print. Someone who signs a contract is expected to read the entire contract. Similarly, there are no legal restrictions on disguising significant terms of a contract with legal jargon.

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.

Now, a smart legal contract is a particular application of that type of code. So, that code can be used to form an organization, what's called a decentralized autonomous organization. It can be used to run an application or it can be used, in our case, to actually facilitate a binding legal agreementa legal contract.

What makes a contract unenforceable is when one party doesn't understand the terms or how they will be bound by it. Lack of capacity commonly applies to minors (children under the age of 18), mentally ill individuals or people under the influence of drugs or alcohol.

Smart Contracts fulfills all the criteria under section 10 of the Contract Act. Hence, as far as validity of Smart Contracts is concerned, they are proper and valid contracts under The Indian Contract Act, 1872.

The existing law of England and Wales is able to accommodate and apply to self-executing 'smart' legal contracts without the need for statutory law reform, the Law Commission reports today.