contract incompleteness

All posts tagged contract incompleteness

Understanding flexibility in smart contracts vs traditional contracts

on July 8, 2021

Before digging into the lack of flexibility in smart contracts let’s see what flexibility actually is.

Traditional semantic contracts are flexible. Such flexibility operates during the negotiation phase as well as at breach.  

Flexibility allows parties to use ambiguous terms, generally defined terms, commercial customs in their agreements.  

Furthermore, flexibility enables parties to shape and adapt their business relationship through modifications, amendments, sometimes arbitrarily. 

Reading time: 3 minutes. Photo by Ken Suarez on Unsplash.

Read more
traktiUnderstanding flexibility in smart contracts vs traditional contracts