Law and the Blockchain

Author:Usha R. Rodrigues
Position:M.E. Kilpatrick Professor of Law, University of Georgia School of Law

All contracts are necessarily incomplete. The inefficiencies of bargaining over every contingency, coupled with humans' innate bounded rationality, mean that contracts cannot anticipate and address every potential eventuality. One role of law is to fill gaps in incomplete contracts with default rules. Emerging technologies have created new, yet equally incomplete, types of contracts that exist... (see full summary)

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