The Notion of Mistake in Blockchain-Based Smart Contracts: An Analysis of B2C2 Ltd v Quoine Pte Ltd from a Comparative Perspective

Abstract

The paper draws a comparative analysis on the doctrine of mistake in contract law between common law and civil law traditions, to explore the legal implications and ramifications of blockchain technology, as one form of dlt, and smart contracting. The case of B2C2 Ltd v. Quoine Pte Ltd is instrumental in portraying how an actual legal dispute may arise in smart contracting relationships, whereby little to no human intervention exists. By comparatively analysing the two legal systems, one may understand better the judgments delivered by the courts in Singapore, the historical common law background leading to such a decision as confirmed also in appellate stage, the consequences such a decision may possibly have on the adoption of similar smart contracting arrangements, and the possible approach under a civil law regime. The conclusions pinpoint some crucial observations relating to the legal approach courts may adopt and their consequences on such contracting arrangements.