In his foreword to the consultation paper that preceded the Legal Statement,1 the Chancellor of the High Court, Sir Geoffrey Vos, stated that in his view, “[s]mart contracts will only finally take off when market participants and investors have confidence in them” and that “the LawTech Delivery Panel believes that perceived legal uncertainty is the reason for some lack of confidence.” Although the Legal Statement is not binding on English courts, it is intended to offer some clarity to the market in the absence of any judicial decisions on these matters to date.
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