Smart contract basically ek code hai jo predefined conditions meet hone par automatically execute ho jata hai – jaise payment release, token transfer, access grant. Yeh mostly blockchain networks pe run hote hain.
Legal question: kya yeh real contract hai? Answer generally: agar traditional elements – offer, acceptance, consideration, intention, capacity – present hain, to haan. Bas medium code hai, paper nahi.
Challenges:
- Parties ka identity proof,
- Jurisdiction – kaunse country ka law apply hoga,
- Bugs ya hacking – galat transaction reverse kaise hogi,
- Consumer protection aur KYC norms.
Courts gradually technology-neutral view le rahe hain: form se zyada substance important hai. Lekin disputes me phir bhi off-chain evidence, emails, platform T&Cs, and expert testimony ki zaroorat padti hai.
Smart contract “smart” tabhi hai jab legal design bhi utna hi smart ho.