I was referring to Nick Szabo's definition of the term smart contract. Szabo defines smart contract as “a computerised transaction protocol that executes the terms of a contract”. Furthermore, he added that “the general objectives are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Related economic goals include lowering fraud loss, arbitrations and enforcement costs, and other transaction costs”

Thanks for the note. I will reformulate the sentence to make the meaning of a smart contract and dapp clearer and more complete.