Revisiting The Concept Of Consideration Un-der Indian Law Vis-A-Vis Smart Contracts

Over the years, the nature of contract has undergone a significant change, i.e., from conventional written contracts to digital smart contracts. Previously, contracts used to be in a written form duly signed by the parties and in exchange of tangible consideration. However, with increasing global trade and technological development, conventional contracts are being replaced by more effective digitized smart contracts.

With such a significant transformation, the law is also supposed to change and adapt to the new trends. However, it can be found that contract law has barely changed to incorporate the transformation, especially in India. The practice however is not significantly restricted by the absence of cooperative law and is still carrying on with the positive hope that the law would not nullify the transactions.