Should token contracts include more terms or links to the terms to the touchstone of law?
It would be great if token contracts followed good laws. Having said that, we believe
the best smart contracts are going to have the best laws imbued in it.
It would definitely be valuable for the parties to the smart contract to include in its references the particular legal acts and jurisdiction (or possibly an arbitration court) which are to govern the execution and possible disputes arising from a given contract. This would not only ensure greater legal certainty for the parties of a smart contract but also provide a clear pathway for the resolution of disputes. Even though in principle, the smart contracts are to be self-executed, with the rapidly changing realities and circumstances of life one cannot exclude the necessity of changing the rules and obligations embedded in the original smart contract. Providing the legal guidelines or links to legal guidelines which are to apply in such cases in smart contracts should make the whole process easier.