Some example contracts to consider:
Contract #1: "Smith shall give Jones $100 today, and Jones shall give Smith $110 in one year. Either party may unilaterally void the contract."
Contract #2: "Smith shall give Jones $100 today, and Jones shall give Smith $110 in one year. Smith may unilaterally void the contract."
Contract #3: "Smith shall give Jones $100 today, and Jones shall give Smith $110 in one year. If any dispute arises between the parties concerning their obligations under this contract, the parties agree to submit to binding arbitration by Justice, Inc." (Smith is the sole owner of Justice, Inc.)
Contract #4: "Smith shall give Jones $100 today, and Jones shall give Smith $110 in one year. If any dispute arises between the parties concerning their obligations under this contract, each party has the right to try to enforce it against the other, as he sees fit."
Contract #5: "Smith shall give Jones $100 today, and Jones shall give Smith $110 in one year. If any dispute arises between the parties concerning their obligations under this contract, each party has the right to try to enforce it against the other, as he sees fit." (Smith owns a security company. Jones is a ballet dancer).
What's wrong with these contracts, with respect to enforcement?
How would you rewrite the loan agreement between Smith and Jones to solve the problem (in an ancap society)?
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