Exchange Contracts Research Articles

Liability Mechanisms and Dispute Resolution in Crypto Exchange Contracts: Balancing Code-Based Execution and Legal Enforceability

This paper examines the tension between code-based execution and legal enforceability in smart contracts used by cryptocurrency exchanges. As decentralized finance grows in prominence, there is an increasing need to balance the immutability and automation of blockchain-based agreements with traditional legal protections and dispute resolution mechanisms. We analyze current approaches to liability allocation and conflict resolution in major crypto exchanges, identifying key challenges in harmonizing algorithmic governance with existing contract law. Case studies of recent exchange hacks and failures are used to illustrate the limitations of purely code-based systems. We then propose a hybrid model that preserves the efficiency of automated execution while incorporating safeguards for human intervention in exceptional circumstances. This framework aims to enhance user protections, regulatory compliance, and overall trust in decentralized financial infrastructure. Our findings have implications for exchange operators, regulators, and contract law as it evolves to address blockchain-enabled agreements.

Mediating role of organizational trust between transformational leadership and workplace deviant behavior of employees in banking sector of Pakistan

PURPOSE: Based on theory of social exchange and theory of the psychological contract, this explanatory study reconnoiters the mediating factor of organization trust on transformational leadership in connection with workplace contradictory behavior in the banking sector to mitigate the incidents as evident from different bank reports and newspapers. RESEARCH DESIGN: Cluster sampling is properly applied on the key recommendations of previous studies and survey questionnaire from 400 (Male = 240 Female = 160) potential respondents from various banks were carefully composed to test using SEM-Amos. FINDINGS: The results shown that TL characteristically considers no candid connection with WDB in the finance sector, however organizational trust purely clarified the unique bond between TL and WDB more commendably. Commercial Banking industry can persuasively progress the irregular conduct of local bankers by appropriately smearing this logical investigation, likewise, standing procedures can also be upgraded in the stern nimble of the extracted outcomes of this study. ORIGINALITY: This study realistically contributes to the literature of leadership style and deviant behavior based upon social Exchange and psychological contract philosophy and mediating factors affecting deviant behavior and transformational leadership. It established the causative factors that bridged the theoretical gaps between TL and WDB in the banking industry.

The Effects of Mutatis in Contracts and Unilateral Legal Acts and the Evidence for the Validity or Invalidity of a Mutatis Sale

The Mutatis transaction is one of the important and essential jurisprudential issues that is common among people and remains a subject of concern in human society. Familiarity with it and adherence to its jurisprudential rules is a step towards improving the economic structure of society. A sale may be carried out by employing the sale formula and verbalizing the offer and acceptance, where the seller declares the offer with the phrase "I sold" (ba'tu), and the buyer declares their acceptance using the phrase "I accept" (qabiltu) or similar expressions. However, it is also possible for both parties, despite being able to use the aforementioned formula, to engage in the exchange of goods without verbally articulating the terms. This latter form is called Mutatis, and in this sale, as in a verbal sale, "the transfer of ownership of the object in exchange for a known consideration takes place." As a result, the above definition encompasses both verbal and Mutatis sales. Martyr Thani (Shahid Thani) states in Masaalik that any transaction that does not have a specific formula, whether the mutual consent is derived from an action or verbal expression, will be considered a verbal contract. The opinion rejecting the validity of this type of sale had many proponents among early Imami jurists, but over time, this view has diminished to the point where today, it is difficult to find its supporters. Those advocating for the validity and conclusion of a Mutatis sale base their argument on sources such as the Qur'an, Sunnah, consensus (ijma), and the rule of lifting hardship (qa‘idah rafa‘ al-haraj). Today, few jurists reject the validity of Mutatis in exchange contracts. Legally, there is no difference in the manner of declaring intent, whether by words or non-verbal expressions of offer and acceptance. In contrast to the discussion of Mutatis in exchange contracts, this topic remains contentious in marriage contracts. Martyr Thani, along with most jurists, does not consider Mutatis to be valid in marriage contracts, and there is consensus on this matter. The Civil Code, influenced by the prevailing juristic opinion, also requires verbal offer and acceptance in marriage contracts.

Riba Potentials in DSN-MUI’s Fatwa Concerning Gold Rahn

This study aims to analyse the usury potential contained in the National Sharia Council-MUI Fatwa Number: 26/DSN-MUI/III/2002 about Gold Rahn. This research was conducted to examine the fatwa from the perspective of Usul Fiqh. Islamic Sharia forbids riba (usury) and things that can encourage usury. The things that can encourage the occurrence of usury prohibited by Islamic Sharia are the merger of the Qardh contract and buying and selling, as well as other exchange contract, such as ijarah. On the other hand, Fatwa of the National Sharia Board-Indonesian Council of Ulama (DSN-MUI) Number: 26/DSN-MUI/III/2002 about Gold Rahn actually opens the opportunity for usury because it allows the merger of the qardh and ijarah contract. This research combines literature and field research methods. Data was collected through literature search, documentation techniques and interviews. Triangulation techniques are used to test the validity of data. Next, the data is analysed and concluded. This research found that: 1) the potential for usury is due to the absence of restrictions on taking marhun maintenance fees by Islamic Financial Institutions. If the amount of service fees imposed by the Islamic Bank in maintaining marhun exceeds a reasonable price, the excess is considered usury. 2) The price excess is approved by the customer solely because the customer gets a loan from the Sharia Finance Institution (LKS). Also, LKS wants to provide loans to customers solely because customers want to pay fees that exceed reasonable maintenance costs.

APPRAISAL OF STOCHASTIC PRICING FORMULA FOR HYBRID EQUITY WARRANTS

An evaluator of warrant models is essential for enhancing the current procedures used in the country's stock market and economy. This would provide additional insight for investors to make informed investment decisions and help to better understand the dynamics of warrant pricing in Malaysia. It has been established that the conventional process for valuing equity warrants using call option pricing models, like the Black-Scholes model, has numerous flaws, including the presumption of constant volatility and interest rates. As a matter of fact, existing alternative models were more concerned with providing techniques for pricing than with conducting empirical tests of warrant pricing models. Consequently, it is crucial to have a mathematical model that takes into account stochastic volatility and stochastic interest rates when pricing and analyzing equity warrants. Recent research by Roslan, Ibrahim, Jameel, and Ibrahim (2020) and Roslan, Ibrahim, Karim (2020) examined the pricing of hybrid equity warrants in the presence of stochastic factors. There was no comparative analysis conducted in these studies to ascertain the relative efficacy of the two methods used. This study's main goal is to empirically investigate how well equity warrant pricing models perform in the Malaysian market. This evaluation will take into account the impact of stochastic interest rates, using the Cox-Ingersoll-Ross (CIR) stochastic interest rate model, and stochastic volatility, using the Heston stochastic volatility model. To perform the analysis, the study will make use of a number of mathematical techniques, such as partial differential equations, Fourier transform approaches, and the change of measure method. The research methodology is divided into three main phases. It is anticipated that the research's findings will provide new perspectives that go beyond the domain of warrant pricing, creating chances for more widespread applications in fields like foreign exchange, insurance, and mortgage contracts.

Dominant Smart Contracts Based on Major Bargaining Solutions

We consider a situation in which two parties have concluded an efficient contract corresponding to one major bargaining solution. After the parties have agreed on one particular contract, an unanticipated shock may change the contract outcomes in a way that benefits one party but harms the other party. If this happens, they have the option to either stay with the original exchange contract or adjust some contract parameters such as the price. We propose a model to perform such adjustments automatically, to obtain the same bargaining solution as in the initial contract under the restriction that the new contract dominates the outcomes of the original contract. We study several bargaining solutions within this general framework. These bargaining solutions offer various sharing rules to distribute the benefit between the parties. To reflect practical considerations, we only consider adjustments made via one contract parameter (the price), while all other parameters result from the original contract and the random shock. To evaluate the efficiency of the proposed approach, we also compare it to a full re-negotiation scenario, in which all parameters can be modified within the boundaries resulting after the random shock. However, waiting and re-negotiation might be costly compared to the situation when the smart contract executes the adjustment automatically. Therefore, the automatic adjustment might be more efficient compared to the other types of contracts. We present several numerical examples and run large random simulations, which we also check statistically.

Problem aspects of accounting and taxation of grain exports in Ukraine

The article examines the problems and features of accounting and taxation of grain exports in today's conditions. As a result of the invasion of Russia, Ukrainian agricultural enterprises have recently suffered significant losses. The occupiers are deliberately destroying the Ukrainian agricultural complex in order to deprive them of one of the main sources of income - the sale of agricultural products by commodity producers, as the main suppliers of food. However, in the conditions of an undeclared war between Russia and Ukraine, the European Union is trying to support the agrarian business of Ukraine and has allowed, according to the EU memorandum, to suspend customs duties and quotas of Ukrainian grain to EU countries until June 2024. Ukraine exports agricultural products through the land border with EU countries, as export by sea is currently difficult due to the invasion of Russia. Therefore, in order to preserve the grown and surviving crops, domestic producers have intensified grain export operations, and currently the issues of accounting and taxation of these operations are relevant. The implementation of foreign economic operations by business entities requires their registration with the customs authorities. When carrying out foreign economic activities, it is mandatory to conclude a foreign exchange contract, and agricultural producers must take into account many nuances in order to comply with the main legislative and customs requirements. Some foreign exchange contracts, in particular those relating to agricultural products, are subject to state registration. In particular, in order to verify and approve the export of agricultural products to the Slovak Republic, the Republic of Bulgaria, Romania, Poland and Hungary, it is necessary to obtain licenses for the export of legally defined types of agricultural products from 2023. As a rule, all calculations for foreign economic operations are carried out in foreign currency, which for the purpose of accounting and taxation must be converted into national currency at the rate of the National Bank of Ukraine. Operations for the export of goods outside the customs territory of Ukraine are subject to Value-Added Tax (VAT), in this regard, the exporter forms a tax invoice at the official hryvnias exchange rate set by the NBU for the previous working day. The exporter - the VAT payer is obliged to compile and register it in the Unified register of tax invoices (hereinafter referred to as the Tax Invoice Register) within the time limits specified in the Tax Code. The article summarizes the procedure for the export of agricultural products, considers the specifics of taxation of these operations, and identifies problematic and debatable issues regarding the implementation of these operations

The exchange contract in the Portuguese legal system and comparative law

Despite the exchange contract being one of the oldest contracts, it is not currently regulated in the Portuguese Civil Code, as it is understood that it belongs to a primitive state of the economy. The Portuguese legislator intended to make the purchase and sale contract the prototype of other onerous agreements according to article 939.º of the Civil Code. However, this will raise problems for us between the frontier of buying and selling and that of exchange, for which our law does not give us direct answers.We found that other legal systems, such as the Spanish, French, Italian, or Ibero-American codes, consecrate in their Civil Codes, in a brief way, the exchange contract.

A blockchain‐based smart contract model for secured energy trading management in smart microgrids

AbstractThe extension of emerging renewable energy sources such as wind and water turbines, solar panels, and the increasing usage of electric vehicles requires the supply and distribution of energy in a small device on local scale and it has created new methods of supplying and selling electricity. Middle buyers and end users can obtain the local energy with the peer‐to‐peer trading method in this large and hierarchical market. This method enables market to manage and exchange the electricity between major suppliers and medium and local levels. Blockchain technology is developing in peer‐to‐peer exchange of electricity and acts as a reliable, efficient, and safe technology in the electricity trading market. In this method, while preserving the privacy of electricity users, by using smart contracts and by removing intermediaries in the energy supply and demand market, direct commercial interactions between energy suppliers and consumers are done. The blockchain technology, while creating trust between the parties in the energy market, reduces the cost of electricity trading and increases its scalability with using the intermediate energy aggregators. In this research, the blockchain‐based model, is presented for distribution and peer‐to‐peer transactions in the energy market. The suggested model provides the possibility of registration low‐cost instant transactions at the power grid in any specific period of time. The above method, unlike periodic payments, provides immediate access to bills and small payments. Since the transactions outside the blockchain chain are not recorded, this system guarantees its honest and independent operation without fraud and failure. The smart contract method based on blockchain, reduces the transaction fees and speeds up electricity trading. Also, the experimental investigation in 20 nodes shows the time required to determine the exchange contract in the blockchain method. The average is improved by 49.7% in this method. Also, the negotiation convergence time has become 47% faster.

When less may be more: A dyadic view of franchise contracts

Research on contractual governance has traditionally viewed exchange hazards as having mutual effects on contractual design at the transaction level. To advance our understanding of contracting decisions in interorganizational relationships, I depart from the traditional emphasis on the mutual aspects of interorganizational relationships by examining how exposure to idiosyncratic exchange hazards may impact the divergent contractual arrangement interests of each side of the dyad. Viewing the locus of exchange hazards and contract design as dyadic broadens the conventional emphasis on the add-on perspective of governing relationships to further emphasize how excluding contractual rights selectively may be an alternative way for controlling the threat of exchange hazards. Through an analysis of franchise disclosure documents and contracts for 136 restaurant franchise systems in the U.S., I found that, when confronted with exchange hazards, a firm can strengthen its own protection not only by enhancing contractual rights in its own interests but also by limiting contractual rights in favor of its partner. With a dyadic perspective, my paper sheds new light on the discriminating alignment principle and generates new insights into the strategic implications of intentionally leaving gaps in contracts.

The wrong of mercenarism: a promissory account

The wrong of mercenarism: a promissory account

Cooperative Task Allocation Algorithm of Loitering Munition Based on Exchange Contract

Aiming at the task allocation of loitering munitions, a cooperative task allocation algorithm based on exchange contract is designed considering the target value, threat cost and battle path cost. Compared with the traditional contract net algorithm, its complexity is simplified, the calculation speeds up, and the local optimal problem is solved.

A Moral Analysis of Prostitution

The debate on the morality of prostitution has been a trending contemporary ethical issue. Some have argued for and some against prostitution. Prostitution, as I have defined it in the study, is the conscious act of any gender exchanging sex for financial or material gain. The study looked at the historical antecedents of prostitution, concepts and types of prostitution, and also brought forth various views or conceptions of prostitution. The views looked at include the feminist position for and against prostitution, the contractarian position for prostitution, and the liberalist and conservative positions on prostitution. The study adopted the qualitative method, and thus only secondary sources were used to carry out this research. The secondary sources used are from texts and journal articles. The study concludes that prostitution is neither coercive nor immoral if valid consent is obtained. Any sex act that takes place between two freely consenting adults is morally acceptable. Prostitution combines consenting sex with a contractual exchange. Hence, this dual aspect of the act serves as the foundation for any governing set of rules or morals that govern prostitution.

The Maze of Contemporary Contract Theory and a Way Out

Abstract Contemporary contract theories fail to escape their bondage to 19th century liberal philosophers. Some are based on utility or preference satisfaction, but they disregard justice. Others try to extract conclusions for general concepts such as liberty or autonomy, but they cannot do so without first smuggling their conclusions in the definitions of these concepts. These problems can be resolved by looking in a different direction: to the Aristotelian idea of contract as voluntary commutive justice on which contract theory was grounded before the 19th century. In the Aristotelian tradition, a contract of exchange was defined in terms of its purpose: to enable each party to obtain what he valued more in return for what he valued less without enriching the other party at his own expense. It united a concern for concept of a contract, the purposes of the parties, and the justice of their transaction rather than splitting them apart.

‘Des plafonds dans les yeux’: representing the New Town in Naissance des pieuvres (Céline Sciamma, 2007)

ABSTRACT In contrast to Sciamma’s Bande de filles/Girlhood (2014), little scholarly attention has been accorded to space in Naissance des pieuvres/Water Lilies (2007). Featuring quiet neighbourhoods in the Parisian suburb of Cergy, Naissance's backdrop is unassuming. However, its association with consumerism, capitalism and the French state is a rich and hitherto underexploited topic for analysis. Considering the town’s relative novelty, this article interprets Sciamma’s on-screen environment as a partial ‘non-place’ as defined by Marc Augé. Such a town produces superficial social connections characterised by contractual exchanges. Meanwhile, the detached pavillons in Naissance retain a proximity to countryside that suggests freedom and banality, but the tension between nature and state generates oppressive effects. This article argues that Naissance’s backdrop is punctuated by an underlying sense of entrapment. Space is a vector for exploring human relationships, extending themes of feminism and sexuality that permeate Sciamma’s wider oeuvre.

PROBLEMS AND PROSPECTS OF FINANCIAL DERIVATIVES MARKET DEVELOPMENT

The article is devoted to the study of problems and prospects for the development of the financial derivatives market. The relevance of the chosen topic is explained by the fact that the globalization of the economic space contributes to the transformation of the stock market into the main source of capital allocation, but the current conditions of the derivatives market in Ukraine do not meet the needs of the development of the national economy, which requires strengthening the regulation of their activities in order to ensure the hedging of the risks of market participants. The object of research is financial derivatives as a source of attracting additional investments and globalization of financial flows. The purpose of the research is to study the features, advantages and disadvantages of derivative financial instruments, to evaluate the possibilities of their use in different price situations in order to increase the efficiency of the derivatives market in Ukraine. Research methods – method of system analysis, method of analysis and synthesis, method of statistical analysis and method of comparison. In the course of the study, the dynamics of derivatives trading on the global stock market were analyzed and the dynamics of global exchange trading of financial derivatives were assessed, and the turnover of OTC derivative financial instruments in the EU countries was analyzed. Dynamic changes in the sums paid under the terms of the contracts for derivative securities in the world in terms of terms of validity, regions and sectors were also investigated; dynamics of options and futures trading on the global stock market. In the financial market of Ukraine, an analysis of the volumes of derivatives trade was carried out, the volume of trades on the exchange and over-the-counter markets was estimated, the dynamics of the volumes of exchange contracts and the share of trades in financial instruments on the securities market were given. Factors restraining the development of the derivative securities market in Ukraine have been identified, namely: deficiencies in legislation, the level of development of the infrastructure of the derivative securities market, as well as the current state of development of the underlying asset markets. Based on the analysis of the derivative financial instruments market, prospects for its development have been developed. Conclusions – the main measures regarding the future development of the financial derivatives market in Ukraine should be: comprehensive regulation of the functioning of the derivatives market, ensuring the operation of regulated markets and developing their infrastructure, introducing appropriate tools for the protection of participants and risk hedging. On the basis of taking into account the international experience of the use of derivatives in Ukraine, it is necessary to create an effective developed financial market, and such a segment of it as the derivatives market, in order to become a worthy competitor on the global financial market.

A bidding mechanism for maintenance of generation units considering inter-ISO power exchange

To ensure the reliability of power systems, the independent system operator (ISO) manages the planning process of the maintenance of generation units for generation companies (GENCOs). This paper focuses on a widely studied two-layer long-term predictive maintenance decision making framework in a deregulated environment. In the first layer the ISO-wide maintenance schedule is optimized for the GENCOs, targeting minimal total maintenance cost and degradation statuses. In the second layer, a bidding mechanism is designed for GENCOs who are not satisfied with the time slots scheduled by the first layer, so that they can bid for their preferred time slots. A novel bidding mechanism for the host ISO (i.e., the ISO that manages the maintenance planning process) is proposed, called interchangeable bidding mechanism for maintenance (IBMM). In this mechanism, the GENCOs of the host ISO can use their bid price to purchase the supportive energy from the GENCOs of the neighbor ISOs. Furthermore, they also can pay a penalty fee for reducing the amount of energy transmitted from the host ISO to the neighbor ISO with respect to what has been stipulated in the long-term inter-ISO power exchange contract. IBMM provides more opportunities for GENCOs of the host ISO to obtain their preferred maintenance time slots. Additionally, the power system reliability can be ensured. IBMM is formulated as a mixed-integer non-linear bidding programming problem. Then, the bidding programming problem is recast into a mixed-integer second-order cone programming (MISOCP) problem that can be solved using Gurobi. In the case study, the IEEE 118-bus network is studied to illustrate the performance of the proposed bidding strategy.

Exploring social exchange theory in Italian cultural heritage. A case study on the Ordine Mauriziano Foundation's Historical Archives

Introduction: Among the fifty-five Italian cultural treasures listed as UNESCO World Heritage Sites, there is the Palazzina di Caccia in Stupinigi. The monument is part of the cultural heritage of the Fondazione Ordine Mauriziano, whose historical archives contain a wealth of information on the territorial growth of the Savoy's Kingdom. The research analyses the case study of the exchange of Gravassola and Belriparo with land that was not part of Filippo Juvarra's ambitious initial project. Aims of the work: The paper uses social exchange theory to explore trust, motivation, empowerment, fair reward and security in past economic exchanges. It also aims to show the research potential of the Historical Archives of the Ordine Mauriziano Foundation. Methodological approach: Through a deep reading of the documents in the historical archive integrated with second-level sources, the authors investigated the application of social exchange theory. The research focused on the desire of the Savoy family to increase their cultural heritage, despite economic losses. Documents within the archive from 1729 to 1738 were considered. Main findings: The research provides an opportunity to extend the social exchange theory in a new context. Furthermore, it investigates the mechanism of territorial expansion through an exchange contract to increase the patrimonial dimension. Finally, it allows the readers to explore synergy features relevant in different modern contexts. Originality: The paper's uniqueness lies in the application of social exchange theory, a theoretical framework unusual in accounting history studies. Finally, few papers consider the Historical Archives of the Ordine Mauriziano Foundation.

Virtual Money Exchange (Cryptocurrency) with Real Money (Rupiah) based on Sharia Economic Law Perspective


 
 
 The purpose of this research is to analyze the exchange of virtual cryptocurrency money with real rupiah money from the perspective of sharia economic law. Currently there is a lot of money in virtual form, one of which is bitcoin. The emergence of this type of virtual money is proof of one of the latest technological advances. Bitcoin has been widely used by several countries and even makes it a transaction tool. Cryptocurrency is becoming a booming trend as a new investment opportunity. Not even a few believe that crypto becomes an attraction because it is considered to have different characteristics in solving expenses without using a third party. Some of the provisions in the exchange contract between the same and different currencies, namely exchanging money with similar types such as rupiah with Rupiah and must be done in cash, if different currencies such as Rupiah and Dollar must also be in cash, if the exchange occurs between money and commodities, the most important thing is agreement between the seller and the buyer. Cryptocurrency (Bitcoin) is legal to use for people who accept and acknowledge it, but MUI and OJK do not allow it as a commodity and similarly BI does not allow it as a legal transaction tool to be used in Indonesia because it is considered not to meet the requirements as a currency like Rupiah. and in the perspective of sharia economic law that cryptocurrency (Bitcoin) is an object or object that is not allowed (haram).
 
 

In pursuit of service encounter quality: Will service-oriented high-performance work systems benefit high-contact service industries?

Integrating social exchange and psychological contract theories, this study examines how perceived service-oriented high-performance work systems (service-oriented HPWS) augment high-contact service organizations to improve their service encounter quality. In addition, it also tests the impact of psychological contract fulfillment, innovative work behavior, and prosocial service behavior as parallel and serial mediating variables in the relationship between service-oriented HPWS and service encounter quality. Using survey data collected in three-time lags from 394 full-time frontline employees and their customers across high-contact service contexts, direct and indirect effects of service-oriented HPWS on service encounter quality were tested employing structural equation modeling. The results revealed that service-oriented HPWS is positively associated with service encounter quality via psychological contract fulfillment, innovative work behavior, and prosocial service behavior. The study contributes to the extant literature by integrating social exchange and psychological contract theories in explicating the impact of service-oriented HPWS on service encounter quality.