A logic model for electronic contracting

Lee, Ronald M.

doi:10.1016/0167-9236(88)90096-6

Cited by 65 publications

(16 citation statements)

References 8 publications

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“…The work of R. Lee described in [15,16] is very close to ours in spirit. He too combines deontic concepts with temporal operators in order to model deadlines, but he does not show how the deontic and temporal operators interact.…”

supporting

confidence: 51%

Specifying Deadlines with Continuous Time Using Deontic and Temporal Logic

Dignum¹,

Kuiper²

1998

International Journal of Electronic Commerce

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supporting

confidence: 51%

Specifying Deadlines with Continuous Time Using Deontic and Temporal Logic

Dignum¹,

Kuiper²

1998

International Journal of Electronic Commerce

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“…The phrase "the first General Business Day after X" therefore refers to the earliest date Y such that Y occurs after X and where Y has the associated property "General Business Day". 10 Another example property could be "Designated Date" or "Designated Date Due to a Termination Event" (since the text may state that a provision holds if a date has such a property). The author is not aware of any specific discipline relating to the setting and testing of properties of time values within legal text, yet within a formal specification this would be an obvious area for checking correctness (e.g.…”

Section: Continuous and Discrete Timementioning

confidence: 99%

Temporal Aspects of Smart Contracts for Financial Derivatives

Clack

Vanca

2018

Lecture Notes in Computer Science

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Implementing smart contracts to automate the performance of high-value over-the-counter (OTC) financial derivatives is a formidable challenge. Due to the regulatory framework and the scale of financial risk if a contract were to go wrong, the performance of these contracts must be enforceable in law and there is an absolute requirement that the smart contract will be faithful to the intentions of the parties as expressed in the original legal documentation. Formal methods provide an attractive route for validation and assurance, and here we present early results from an investigation of the semantics of industry-standard legal documentation for OTC derivatives. We explain the need for a formal representation that combines temporal, deontic and operational aspects, and focus on the requirements for the temporal aspects as derived from the legal text. The relevance of this work extends beyond OTC derivatives and is applicable to understanding the temporal semantics of a wide range of legal documentation.

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“…Finally, there is a small but growing literature aimed at developing what we call a formal language for business communication (e.g., Covington [1997], Finen et al [1993, Kimbrough [1990a], Kimbrough and Lee [1986], Kimbrough and Moore [1992;, Kimbrough and Thornburg [1989], Labrou and Finin [1994], Lee [1980;1984;1988a;1988b], Lee and Bose [1988], Lee and Ryu [1989], Lee and Widmeyer [1986], Mayfield et al [1995;, McCarthy [1982], Moore [1993], Moore and Kimbrough [1995], and van Reijswoud [1996]). The differences between a taggedmessage system, an EDI system, and an FLBC system may be described as follows.…”

Section: Flbc: Formal Language For Business Communicationmentioning

confidence: 99%

On automated message processing in electronic commerce and work support systems

Kimbrough

Moore

1997

ACM Trans. Inf. Syst.

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Electronic messaging, whether in an office environment or for electronic commerce, is normally carried out in natural language, even when supported by information systems. For a variety of reasons, it would be useful if electronic messaging systems could have semantic access to, that is, access to the meanings and contents of, the messages they process. Given that natural language understanding is not a practicable alternative, there remain three approaches to delivering systems with semantic access: electronic data interchange (EDI), tagged messages, and the development of a formal language for business communication (FLBC). We favor the latter approach. In this article we compare and contrast these three approaches, present a theoretical basis for an FLBC (using speech act theory), and describe a prototype implementation.

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A logic model for electronic contracting

Cited by 65 publications

References 8 publications

Specifying Deadlines with Continuous Time Using Deontic and Temporal Logic

Specifying Deadlines with Continuous Time Using Deontic and Temporal Logic

Temporal Aspects of Smart Contracts for Financial Derivatives

On automated message processing in electronic commerce and work support systems

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