Are Smart Contracts Smart? A Critical Look at Basic Blockchain Questions

"I invite the reader to perform a simple experiment: Ask five people with reasonable working familiarity with blockchain to list five key potential benefits of the technology.

I'd wager that at least three will include "smart contracts" on that list. Ask that same group to define what a smart contract is, and you'll get at least three different answers (likely ranging from an agreement for the transfer of an asset on a blockchain, to the simple execution of code on the blockchain, to the koan-like "code is law").

While it is clear that technology (notably blockchain) is opening new horizons for the creation and performance of legal agreements, there is no consensus as to what people mean when smart contracts are discussed. This naturally sows confusion, including as to the legal status of smart contracts."

Read more here: http://www.coindesk.com/when-is-a-smart-contract-actually-a-contract/