Cyber Security in the European Union: Threats, Opportunities, Actions(From Beginning up to 2021)

A smart contract is one type of electronic contract whose specific feature is automatic execution. General validity conditions of contracts should be met to determine the validity of a smart contract. General validity conditions of a contract from Iran and the United States of America perspective consist of parties’ capacity, mutual agreement, consideration, and legitimacy of contract purpose. As described in this article, parties’ capacity normally does not examine in the routine procedure of smart contract conclusion, and it’s obligatory to ensure the complete capacity of parties by additional measures. Mutual agreements easily can be determined in smart contracts. Smart contracts can be concluded as reciprocal or nonreciprocal; and this article clarifies if there was no consideration in a nonreciprocal smart contract, it should be deemed as void in USA territory. Finally, if the purpose of a smart contract conclusion was illegal, undoubtedly that contract will be invalid in both Iran and USA territory.