The Legal Nature of Business Contracts and Obligations Related to the Implementation of Business Activities

Abstract

The paper investigates the legal nature, essence and significance of the business contract, its role in the implementation of entrepreneurial activity. At the present stage of the development of the society and law and order, the vast majority of legal relations in countries with developed or rapidly developing market relations arise and develop on the basis of various business contracts. The business activity carried out by entrepreneurs, is, as a rule, organized on a contractual basis. As you know, the contract is a universal legal instrument that allows detailed settlement of specific relationships and relations between business entities. At the same time, the freedom of such regulation is limited by the imperative prescriptions of the rules of law and the expression of the will of the parties to the contract. That is, the contract plays a special role in the implementation of entrepreneurial activity, as it is one of the important instruments of individual legal regulation of entrepreneurial relations.The authors note that the current legislation does not provide for any legal definition of the "business contract". On the contrary, the law-makers apply the concept of "obligations associated with the implementation of entrepreneurial activities", which, although not identical to an entrepreneurial agreement, allows us to assert that domestic legislation sets forth factual prerequisites to the legal regulation of the business contract. In conclusion, the authors attempt to define the business contract and determine its distinctive features.The authors summarize that modern market relations, development of entrepreneurship are based on the principles of increasing the level of competition, state dispositive regulation, and equality of participants. Guided by such important principles, individuals carry out business activities where the rules of civil legislation play a significant role (as general regulations) and special rules established in certain regulatory legal acts of the Russian Federation governing contractual business relations.

Synergy of Business, Law and Economy in the Smart-Contract Implementation

“…Today, there is a doctrinally fair opinion that the business contract is an institution of complex civil and public law regulation [1]. This statement is fully applicable to smart contracts.…”

“…As a result of the conducted research, the most essential statements and conclusions are determined, which are aimed at effective legal regulation and application of smart contracts in the business sphere [1]. An increase of the number of dispositive rules, which are introduced by the legislator to regulate economic relations required the creation of a certain internal structure of local acts [2].…”