It's slightly different than what you describe, because the parallel contract is an actual contract: a written and binding agreement between multiple parties, which explicitly grants consent for some bit of software to govern a given business arrangement.
Most "smart contracts" aren't Ricardian contracts, though, they're just chunks of software running on a blockchain.
They probably should be though, because contract law applies to business whether a specific legal contract is drafted or not, and no, that implicit contract doesn't say "whatever the software does is fine".
https://en.wikipedia.org/wiki/Ricardian_contract
It's slightly different than what you describe, because the parallel contract is an actual contract: a written and binding agreement between multiple parties, which explicitly grants consent for some bit of software to govern a given business arrangement.
Most "smart contracts" aren't Ricardian contracts, though, they're just chunks of software running on a blockchain.
They probably should be though, because contract law applies to business whether a specific legal contract is drafted or not, and no, that implicit contract doesn't say "whatever the software does is fine".