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2 Part 2 Indian J. Integrated Rsch. L. 1 (2022)

handle is hein.journals/injloitd3 and id is 1 raw text is: Indian Journal of Integrated Research in Law SMART CONTRACTS: NEED OF MODERN LEGAL FRAMEWORK Vishwa Shah & Kanishk Pandey, Institute Of Law, Nirma University ABSTRACT In today's world everything is getting digitised and in the same manner the commerce and trade is changing. Therefore, many of the developed nations have sought resort to smart contracts. Smart contracts are basically the e- contracts that work upon the blockchain technology wherein the contract upon the fulfilment of certain conditions discussed prior to agreement are met. Smart contract but in today's legal framework in India are not accepted and recognised in coherence to any law which are today in function and operation. Indian Contract Act, 1872 which takes into consideration the working and execution of contract in India are still in dilemma in respect to adjudicating the smart contracts, also Indian Evidence Act, 1872 which talk about electronic record and its admissibility is reluctant about admission of the same because the blockchain is not recognised by the IT authority in India. Therefore, this paper calls for re-evaluation of laws to govern e- contracts. KEY WORDS- Smart Contracts, Blockchain Technology, Indian Contract Act, 1872, Indian Evidence Act, 1872, Electronic Record. Page: 1 Volume II Issue IV I ISSN: 2583-0538

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