Machines that make and keep promises - Lessons for contract automation from algorithmic trading on financial markets

Schmidt-Kessen, María José; Eenmaa, Helen; Mitre, Maya

doi:10.1016/j.clsr.2022.105717

“…In addition, using algorithms or other methods to help with contract interpretation can also be an option to consider [29]. Algorithms can assist in language and context analysis to clarify the meaning and intention of contracts [30].…”

Section: Validity and Interpretation Of Contracts Involving Agimentioning

confidence: 99%

Artificial General Intelligence (AGI) and Its Implications For Contract Law

Umar,

Sudirman,

Rasmuddin

2023

IJAIDM

0

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The development of artificial intelligence technology has presented AGI as an exciting future potential. In contract law, AGI can change the landscape of agreements and contract execution. The existence of AGI will raise various legal challenges and questions, such as whether AGI can be a legal party to a contract, whether AGI can execute contracts effectively, and how legal responsibility AGI is in contract execution. This study aims to analyze and identify the legal implications that may arise with the existence of AGI in the context of contract law. In this regard, the research will try to understand how AGI can influence existing principles of contract law. This study uses normative research methods by collecting and analyzing relevant legal sources, including legal literature, regulations, and court rulings related to contract law. This research also involves a comparative study of existing contract law with possible future situations with the existence of AGI. The results of this study show that the presence of AGI has the potential to change important aspects of contract law. Some of the implications identified include questions about AGI's legal status as a legal subject, AGI's legal liability in the performance of contracts, aspects of the validity and interpretation of contracts involving AGI, and legal protection for parties entering transactions with AGI. This research provides a crucial initial understanding in dealing with legal challenges that may arise due to the existence of AGI in the context of contract law

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“…Finally, the law-jobs include the adjustment of the trouble-casesoffences, grievances and disputeswhich could potentially threaten the existence and continuation of group life, if sufficiently multiplied and cumulative (Llewellyn and Hoebel, 1941). The need to adjudicate new forms of high-volume disputes involving algorithmssuch as in algorithmic collusion (Ezrachi, 2016), content moderation (Cavaliere and Romeo, 2022) and market abuse in algorithmic trading (Schmidt-Kessen et al, 2022) and the development of algorithm-supported dispute resolution (Lodder and Zeleznikow, 2012) illustrate the challenges of this law-job. The rise of new dispute resolution methods, such as predictive analytics, and the role of new actors in the adjudication disputes, from LegalTechs to market-places and social networks (Cavaliere and Romeo, 2022;Fortes et al, 2022), reveal a new agenda for this law-job that involves the adoption of algorithms as a new craft in law's toolbox.…”

mentioning

confidence: 99%

Law-Jobs in the Algorithmic Society

Fortes

¹

,

Restrepo-Amariles

²

2022

SSRN Journal

0

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“…Finally, the law-jobs include the adjustment of the trouble-casesoffences, grievances and disputeswhich could potentially threaten the existence and continuation of group life, if sufficiently multiplied and cumulative (Llewellyn and Hoebel, 1941). The need to adjudicate new forms of high-volume disputes involving algorithmssuch as in algorithmic collusion (Ezrachi, 2016), content moderation (Cavaliere and Romeo, 2022) and market abuse in algorithmic trading (Schmidt-Kessen et al, 2022) and the development of algorithm-supported dispute resolution (Lodder and Zeleznikow, 2012) illustrate the challenges of this law-job. The rise of new dispute resolution methods, such as predictive analytics, and the role of new actors in the adjudication disputes, from LegalTechs to market-places and social networks (Cavaliere and Romeo, 2022;Fortes et al, 2022), reveal a new agenda for this law-job that involves the adoption of algorithms as a new craft in law's toolbox.…”

mentioning

confidence: 99%

Law-jobs in the algorithmic society

Fortes

¹

,

Amariles

²

2022

International Journal of Law in Context

0

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It is now well established that algorithms are transforming our economy, institutions, social relations and ultimately our society. This paper explores the question – what is the role of law in the algorithmic society? We draw on the law-jobs theory of Karl Llewellyn and on William's Twining refinement of Llewellyn's work through the perspective of a thin functionalism to have a better understanding of what law does in this new context. We highlight the emergence of an algorithmic law, as law performs jobs such as the disposition of trouble-cases, the preventive channelling and reorientation of conduct and expectations, and the allocation of authority in the face of algorithmic systems. We conclude that the law-jobs theory remains relevant to understanding the role of law in the algorithmic society, but it is also challenged by how algorithms redefine who does or should do what law-jobs, and how they are done.

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Machines that make and keep promises - Lessons for contract automation from algorithmic trading on financial markets

Cited by 7 publications

References 30 publications

Artificial General Intelligence (AGI) and Its Implications For Contract Law

Artificial General Intelligence (AGI) and Its Implications For Contract Law

Law-Jobs in the Algorithmic Society

Law-jobs in the algorithmic society

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