A Formal Treatment of Contract Signature
- URL: http://arxiv.org/abs/2002.09827v3
- Date: Wed, 24 Nov 2021 02:15:54 GMT
- Title: A Formal Treatment of Contract Signature
- Authors: Ron van der Meyden
- Abstract summary: The paper develops a logical understanding of processes for signature of legal contracts.
It is motivated by applications to legal recognition of smart contracts on blockchain platforms.
- Score: 0.0
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: The paper develops a logical understanding of processes for signature of
legal contracts, motivated by applications to legal recognition of smart
contracts on blockchain platforms. A number of axioms and rules of inference
are developed that can be used to justify a ``meeting of the minds''
precondition for contract formation from the fact that certain content has been
signed. In addition to an ``offer and acceptance'' process, the paper considers
``signature in counterparts'', a legal process that permits a contract between
two or more parties to be brought into force by having the parties
independently (possibly, remotely) sign different copies of the contract,
rather than placing their signatures on a common copy at a physical meeting. It
is argued that a satisfactory account of signature in counterparts benefits
from a logic with syntactic self-reference. The axioms used are supported by a
formal semantics, and a number of further properties of the logic are
investigated. In particular, it is shown that the logic implies that when a
contract has been signed, the parties do not just agree, but are in mutual
agreement (a common-knowledge-like notion) about the terms of the contract.
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