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Except if code is law then whatever the code permits is by definition allowed

Code can be perhaps the contract. Contract is not the law.

Contract law is only one part of the law.

There are myriad reasons legal reasons actual contracts are voided and thrown out in court as unenforceable, no consideration, illegal actions or unilateral negotation or even unfair terms etc.

You cannot have a legal contract which for murder for example.

Is "code is law" also valid in real life (TM)?

It is quite catchy, "code is law". But law where? In some virtual crypto land?

well law is only as good as the enforcement. Possession of cannabis in the US is still a federal offense. But some states choose to prosecute them and others choose to ignore it and legalize it at the state level.

Enforcement in this case is not LEOs but rather the smart contract that lives in the blockchain. Except there are no grey areas

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