Are smart contracts legally binding?

Considering the unique nature of smart contracts and how they differ from standard paper agreements, there are some concerns regarding their enforceability. Generally, smart contracts are legally binding when they abide by the rules of contractual arrangements such as:

Offer, acceptance, and consideration – like any agreement, a legally binding smart contract must have an offer, an acceptance of that offer, and consideration.

Legally accepted terms – a smart contract can only be legally binding if its terms and conditions are legally acceptable.

Legal to sign electronically – a legally binding smart contract must be eligible for electronic signing.