I'm also afraid that 'smart contract' is sort of a misnomer. Where regular "social" contracts between people and entities define all sorts of relationships, the contracts that are put on a blockchain-serialized VM can only express relationships in terms of value transfers.
This is a very valid concern, in my opinion. Although some people seem to be working on that, it looks like still in its infancy: https://medium.com/@pirapira/1-000-ether-bounty-on-a-proven-...
I'm also afraid that 'smart contract' is sort of a misnomer. Where regular "social" contracts between people and entities define all sorts of relationships, the contracts that are put on a blockchain-serialized VM can only express relationships in terms of value transfers.