“contract”

1
promise or performance
given in exchange for
promise or performance

2
promise or performance
given in exchange for
promise or performance

3
 promise or performance
given in exchange for
promise or performance

4
promise or performance
given in exchange for
promise or performance

5
promise or performance
given in exchange for
promise or performance

6
3 .’s about K

7
(1)

8
 express

terms?
implied
I

Image by Don O'Brien on flickr. CC BY

9
(2)

10
“implied”

11
by a legal system

12
“legal system”

13
 .
has an interest in your K..

14
 state

OR EE

15
 state cares about
• kinds of K
• effect of K
• terms of K
• taxation of k

16
“terms”

17
“I’ll offer $10K to anyone
who would burn my
parents house down.”

(official joke)
18
“We’ll offer you $50k to
lobby Congress to pass
HR102”

19
E.g.,

20
©
21
 if you create, then you get

• exclusive rights
• life + 70
• subject to fair use

22
 if you create, then you get

DRM?
• exclusive rights
• life + 70
• subject to fair use

23
 if you create, then you get

• exclusive rights
• life + 70
• subject to fair use

24
same with Ks

25
(3)

26
aim?

27
eliminate risk

28
xxxxxx
eliminate risk

29
allocate risk

30
“I will buy 10,000 bushels
at $x/bushel delivered
September 1”

31
price change risk allocated

32
delivery risk allocated

33
risk allocated

34
but

35
allocation matters

36
only if

37
system to process breach

38
legal system

39
some take for granted

40
(us)

41
other people can’t

42
(developing nations)

43
1st W

3d W

44
 3d W

1st W
10101010101101
0101010101010
1010101010

45
MIT OpenCourseWare
https://ocw.mit.edu/

15.S12 Blockchain and Money

Fall 2018

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