Abstract

The nature of contracts has witnessed a shift with the help of newfangled technology. The effectiveness of contract law has been placed to the test in the course of this changeover from paper-based conventional contracts to virtual contracts. The Act does not specifically address smart contracts. This has led to some uncertainty as to how the smart contracts will be treated under Indian law. Although the term smart contracts has been used for almost two decades , there is no clarity on its meaning. It investigates smart contracts in the setting of the general principles of contract making or formation that is meeting of the minds, offer, acceptance, consideration, capacity, performance as well as enforceability. The major objective of this study is to understand the basic concept of smart contract & blockchain technology. The research method followed here is Empirical Research. Convenient sampling method is used to collect the samples. The sample size of the research is 200. Independent variables are gender, age, education qualification and occupation. The dependent variables are whether smart contracts can be enforceable in India, level of agreeability towards smart contracts that have the potential to revolutionize the way contracts are formed and enforced, legal issues that arises with smart contracts in India and level of satisfaction towards the use of smart contracts leading to a more transparent and efficient contracting process. The statistical tools used in this study are Pie chart, Simple bar chart and Clustered bar chart. This research therefore concludes through the findings of the empirical study that the Smart contracts are a new technology that has the potential to revolutionize the way contracts are formed and executed. Smart contracts are said to be utilized widely in today’s world, so it is necessary to observe and understand problems like the issue of jurisdiction which is unpredictable.

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