A static contract is business logic built at the time the ledger is compiled.
The code is unchangeable in the sense that the only way to update the code or deploy new static contracts is to recompile the ledger and distribute new executables to all participants.
We will demo a Fetch token static contract shortly.
A smart contract is the second type of business logic found on Fetch ledger nodes.
Smart contracts can be deployed at runtime. Find out about Fetch smart contracts in the Smart Contract section here.