“Smart contract” is also a misnomer from a legal perspective—it doesn’t necessarily have anything to do with a legal contract. A smart contract is simply an “if-then” statement that runs on a blockchain.
See the full story here: https://www.technologyreview.com/s/610718/states-that-are-passing-laws-to-govern-smart-contracts-have-no-idea-what-theyre-doing