  A smart contract is a translation of a standard paper-based contract that can
be enforced and executed by a contract management system. At a high level of
abstraction, a contract is only a document that describes how the signing
parties are to behave in different scenarios; nevertheless, the translation of
a typical paper-based contract to its electronic counterpart has proved to be
both time-consuming and difficult. The requirement for a language capable of
capturing the core of a contract in simple phrases and definitions has been a
focus of study for many years. EROP (Events, Rights, Obligations, Prohibitions)
is a contract specification language that breaks a contract down into sets of
events, rights, obligations, and prohibitions.
