A smart contract is a self-enforcing agreement embedded in computer code managed by a blockchain. The code contains a set of rules under which the parties of that smart contract agree to interact with each other.
Smart contracts blockchain are self-executing contracts with the terms of the agreement between buyer and seller is directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.
Contracts can be described as the legal concept that two persons can agree to redefine their legal relationship, that is, their legal obligations to one another.
A simple contract is a contract made orally or in writing, rather than a contract made under seal.
Simple contracts require consideration to be valid, but simple contracts may be implied from the conduct of parties bound by the contract.
It develops an Icertis AI applications which can interact with humans, surrounding systems and ultimately even other contracts.
The Icertis AI apps enable companies to solve previously intractable enterprise contract management challenges that are uniquely suited to an AI-powered solution.