Ricardian contract
Format for legal agreements that is executable in software / From Wikipedia, the free encyclopedia
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The Ricardian contract, as invented by Ian Grigg in 1996, is a method of recording a document as a contract at law, and linking it securely to other systems, such as accounting, for the contract as an issuance of value.[1][2][better source needed] It is robust through use of identification by cryptographic hash function, transparent through use of readable text for legal prose and efficient through markup language to extract essential information.
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A Ricardian contract places the defining elements of a legal agreement in a format that can be expressed and executed in software.[3]
The method arises out of the work of Ian Grigg completed in the mid-1990s in contributions to Ricardo,[4][better source needed] a system of assets transfers that was built in 1995-1996 by Systemics and included the pattern.