They identified key areas of the aforementioned agreements that could be transformed into a smart contract program (the payment functionality and token transference) and worked with third-party, ConsenSys, to build the relevant smart contract programs. Through these efforts, we created an employee offer letter that has the capacity to pay employees every minute (as opposed to every two weeks) all without the need to rely on a payroll processor. We also created a legally binding Token Purchase Agreement that could be generalizable to any asset represented on a blockchain.
Relevant demos of OpenLaw can be found below:
https://www.youtube.com/watch?v=iphsRWQoFDI
https://www.youtube.com/watch?v=iOYFcbzfPPs&t=320s
In terms of next steps, we are looking to collaborate with students from other law schools to create and develop additional demos.
Further media articles can be found at:
https://media.consensys.net/making-token-sales-smart-28fe2011512f
https://media.consensys.net/introducing-openlaw-7a2ea410138b