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The script code is unable to manipulate any assets excepting those explicitly declared beforehand on the smart contract,

Not only can the smart contract move_funds() between these declared accounts, as its script logic dictates, but it can also stash_funds() directly inside the contract itself!

A smart contract can be activated, after which point it takes on a “life of its own”

You can also define variables in your smart contract, which persist through its entire lifetime. As the smart contract—including its internal state—continues to process over time, receipts will continue to drop into the relevant parties’ inboxes,

A signed copy of the original smart contract shows it as it was, when the parties first signed and activated it. Additionally, a server-signed, updated version of the contract comes with each receipt, showing the latest state

Once the contract expires (or is deactivated) then a finalReceipt is dropped into all relevant inboxes, after which no other receipts are possible for that smart contract.

Let’s say a party needs to DIRECTLY trigger one of the clauses on the contract. (Instead of waiting around for it to trigger automatically based on some rule.) For example, perhaps an escrow user wishes to execute a clause in order to DISPUTE THE OUTCOME, or perhaps an arbitrator wishes to activate a clause in order to RENDER A JUDGMENT. OT’s smart contracts can do precisely these sorts of things, limited only by your imagination (and my pre-alpha code.)