The existing, old laws (e.g. of Germany) apply. Since the smart contract only reflects the
contract, the underlying contract must be reviewed based on the specific circumstances and
enforced in court.
If we accept the school of thought that
smart contracts fall into the category of legal contracts – when using a smart contract in Italy – laws
applicable would be the Italian civil code and the national (Italian) rules.
The Specific Relief Act, 1963 and The Indian Contract Act, 1872 provide remedies in case of breach of a contract.
It would depend on the subject and the object targeted by the smart contract.
If the contracts were to be enforced in front of the common court, then the general rules for enforcement under the applicable law would apply. For example, if the parties to the smart contract had their domicile in Poland and the smart contract was concluded and was to be executed in Poland, then Polish law would be applicable.
