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Smarta kontrakt vid kommersiella fastighetstransaktioner - Särskilt om avtals ingående

Brandt, Linn LU (2022) JURM02 20221
Department of Law
Faculty of Law
Abstract
Blockchains are often associated with cryptocurrencies. However, the scope of use of blockchains is much wider than that. In 2018, the World Economic Forum predicted that 10% of global GDP will be stored on a blockchain by 2025. Using blockchain technology, smart contracts have been developed. Smart contracts are digital agreements established in code and blockchain technology is applied. When certain predetermined conditions are met, the contract is automatically enforced. In 2018, a real estate sale was conducted using blockchain technology. In the thesis, it is argued whether commercial real estate also can be transferred using the technology and whether it can facilitate the transactions. Commercial real estate is usually transferred... (More)
Blockchains are often associated with cryptocurrencies. However, the scope of use of blockchains is much wider than that. In 2018, the World Economic Forum predicted that 10% of global GDP will be stored on a blockchain by 2025. Using blockchain technology, smart contracts have been developed. Smart contracts are digital agreements established in code and blockchain technology is applied. When certain predetermined conditions are met, the contract is automatically enforced. In 2018, a real estate sale was conducted using blockchain technology. In the thesis, it is argued whether commercial real estate also can be transferred using the technology and whether it can facilitate the transactions. Commercial real estate is usually transferred through corporate acquisitions, i.e., the property is packaged into a company and then the shares of the company owning the property are sold. The commercial real estate sector accounts for about 40 % of Sweden's GDP and is thus of major importance for the Swedish economy.

The main purpose of the thesis is to investigate how concluding contracts using smart contracts in commercial real estate transactions relates to the Swedish legal system, in particular the Swedish Contract Act and general contract law principles. In order to investigate the purpose, three investigations are carried out; how contracts are concluded under Swedish law, how commercial property transfers through corporate acquisitions are normally carried out and how smart contracts work. It is argued in the analysis whether smart contracts can be considered as contracts under Swedish law and whether real estate transfers through corporate acquisitions can take place using smart contracts. Finally, it is argued how concluding smart contracts should be interpreted under Swedish law.

In order to determine whether smart contracts can be regarded as contracts under Swedish law, smart contracts are compared with the basic contractual requirements set out by Adlercreutz, Gorton and Lindell-Frantz. The smart contracts are then compared with EDI contracts (contracts that arise between the respective systems of computers, i.e., without human intervention) in order to demonstrate that the smart contracts should be considered as contracts under the Swedish law.

It seems to be theoretically possible to use smart contracts in commercial property transfers through company acquisitions. In view of this, it is discussed how smart contracts, in these transfers, relate to the Swedish Contract Act when concluding contracts. The Swedish Contract Act, which is technology-neutral, does not prevent the use of smart contracts. Furthermore, freedom of contract is a fundamental principle of Swedish law which provides that the parties are free to choose the form of the contract in question. However, given that smart contracts slavishly adhere to the terms set out in the code, it is not clear how, for example, errors of explanation should be interpreted or how withdrawals should be made. The code is considered to be "law". For this reason, my thesis is that general rules should be developed to allow smart contracts to be used in the future. (Less)
Abstract (Swedish)
Blockkedjor associeras ofta med kryptovalutor. Användningsområdet för blockkedjor är dock betydligt större än så. År 2018 spådde World Economic Forum att 10 % av den globala BNP:n kommer att vara lagrat på en blockkedja år 2025. Med hjälp av blockkedjetekniken har smarta kontrakt utvecklats. Smarta kontrakt är digitala avtal som är upprättade i kod och som tillämpar blockkedjeteknik för sin funktion. När vissa förutbestämda villkor är uppfyllda verkställs avtalet automatiskt. År 2018 genomfördes en fastighetsförsäljning med hjälp av blockkedjeteknik. I uppsatsen diskuteras huruvida även kommersiella fastigheter kan överlåtas genom tekniken och om det kan underlätta transaktionerna. Kommersiella fastigheter överlåts i regel genom... (More)
Blockkedjor associeras ofta med kryptovalutor. Användningsområdet för blockkedjor är dock betydligt större än så. År 2018 spådde World Economic Forum att 10 % av den globala BNP:n kommer att vara lagrat på en blockkedja år 2025. Med hjälp av blockkedjetekniken har smarta kontrakt utvecklats. Smarta kontrakt är digitala avtal som är upprättade i kod och som tillämpar blockkedjeteknik för sin funktion. När vissa förutbestämda villkor är uppfyllda verkställs avtalet automatiskt. År 2018 genomfördes en fastighetsförsäljning med hjälp av blockkedjeteknik. I uppsatsen diskuteras huruvida även kommersiella fastigheter kan överlåtas genom tekniken och om det kan underlätta transaktionerna. Kommersiella fastigheter överlåts i regel genom bolagsförvärv, det vill säga att fastigheten paketeras i ett bolag och därefter säljs aktierna i det bolag som äger fastigheten. Den kommersiella fastighetsbranschen utgör omkring 40 % av Sveriges BNP och är således av stor betydelse för svensk ekonomi.

Uppsatsens huvudsakliga syfte är att utreda hur avtalsingående vid användning av smarta kontrakt vid kommersiella fastighetsöverlåtelser förhåller sig till svensk rättsordning, i synnerhet avtalslagen och allmänna avtalsrättsliga principer. För att utreda syftet genomförs tre utredningar; hur avtal ingås enligt svensk rättsordning, hur kommersiella fastighetsöverlåtelser genom bolagsförvärv normalt sker samt hur smarta kontrakt fungerar. I analysen diskuteras huruvida smarta kontrakt kan anses vara avtal enligt svensk rättsordning och huruvida fastighetsöverlåtelser genom bolagsförvärv kan ske med hjälp av smarta kontrakt. Slutligen diskuteras hur avtalsingående vid användning av smarta kontrakt ska tolkas utifrån svensk rättsordning.

För att avgöra huruvida smarta kontrakt kan anses vara avtal enligt svensk rättsordning jämförs smarta kontrakt med de grundläggande avtalsrekvisit som Adlercreutz, Gorton och Lindell-Frantz har ställt upp. De smarta kontrakten jämförs då med EDI-avtal (avtal som uppstår mellan datorers respektive system, det vill säga utan mänsklig inblandning) för att påvisa att de smarta kontrakten bör anses som avtal enligt svensk rättsordning.

Det tycks vara teoretiskt möjligt att använda smarta kontrakt vid kommersiella fastighetsöverlåtelser genom bolagsförvärv. Med anledning därav diskuteras hur de smarta kontrakten, vid dessa överlåtelser, förhåller sig till avtalslagens bestämmelser om avtalsingående. Avtalslagen, som är teknikneutral, utgör inget hinder mot att använda smarta kontrakt. Vidare är avtalsfriheten en grundläggande princip i svensk rätt som stadgar att parterna har möjlighet att fritt välja vilken form som avtalet i fråga ska inneha. Med hänsyn till att smarta kontrakt slaviskt följer de villkor som är inlagda i koden står det dock inte klart hur exempelvis förklaringsmisstag ska tolkas eller hur återkallelser ska ske. Koden anses nämligen vara ”lag”. Av den anledningen är min tes att det bör utvecklas allmänna bestämmelser för att smarta kontrakt ska kunna användas i framtiden. (Less)
Please use this url to cite or link to this publication:
author
Brandt, Linn LU
supervisor
organization
course
JURM02 20221
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
fastighetsrätt, avtalsrätt, smarta kontrakt, blockkedjeteknik
language
Swedish
id
9079975
date added to LUP
2022-06-14 09:30:32
date last changed
2022-06-14 09:30:32
@misc{9079975,
  abstract     = {{Blockchains are often associated with cryptocurrencies. However, the scope of use of blockchains is much wider than that. In 2018, the World Economic Forum predicted that 10% of global GDP will be stored on a blockchain by 2025. Using blockchain technology, smart contracts have been developed. Smart contracts are digital agreements established in code and blockchain technology is applied. When certain predetermined conditions are met, the contract is automatically enforced. In 2018, a real estate sale was conducted using blockchain technology. In the thesis, it is argued whether commercial real estate also can be transferred using the technology and whether it can facilitate the transactions. Commercial real estate is usually transferred through corporate acquisitions, i.e., the property is packaged into a company and then the shares of the company owning the property are sold. The commercial real estate sector accounts for about 40 % of Sweden's GDP and is thus of major importance for the Swedish economy.

The main purpose of the thesis is to investigate how concluding contracts using smart contracts in commercial real estate transactions relates to the Swedish legal system, in particular the Swedish Contract Act and general contract law principles. In order to investigate the purpose, three investigations are carried out; how contracts are concluded under Swedish law, how commercial property transfers through corporate acquisitions are normally carried out and how smart contracts work. It is argued in the analysis whether smart contracts can be considered as contracts under Swedish law and whether real estate transfers through corporate acquisitions can take place using smart contracts. Finally, it is argued how concluding smart contracts should be interpreted under Swedish law.

In order to determine whether smart contracts can be regarded as contracts under Swedish law, smart contracts are compared with the basic contractual requirements set out by Adlercreutz, Gorton and Lindell-Frantz. The smart contracts are then compared with EDI contracts (contracts that arise between the respective systems of computers, i.e., without human intervention) in order to demonstrate that the smart contracts should be considered as contracts under the Swedish law.

It seems to be theoretically possible to use smart contracts in commercial property transfers through company acquisitions. In view of this, it is discussed how smart contracts, in these transfers, relate to the Swedish Contract Act when concluding contracts. The Swedish Contract Act, which is technology-neutral, does not prevent the use of smart contracts. Furthermore, freedom of contract is a fundamental principle of Swedish law which provides that the parties are free to choose the form of the contract in question. However, given that smart contracts slavishly adhere to the terms set out in the code, it is not clear how, for example, errors of explanation should be interpreted or how withdrawals should be made. The code is considered to be "law". For this reason, my thesis is that general rules should be developed to allow smart contracts to be used in the future.}},
  author       = {{Brandt, Linn}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Smarta kontrakt vid kommersiella fastighetstransaktioner - Särskilt om avtals ingående}},
  year         = {{2022}},
}