Contract
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Contracts are based on the principle expressed in the Latin phrase pacta sunt servanda, which is usually translated "agreements to be kept". A contract is said to come into existence when acceptance of an offer (agreement to the terms in it) has been communicated to an offeror by an offeree and there has been consideration bargained-for induced by promises or a promise and performance. The offer and acceptance formula, developed in the 19th century, identifies a moment of formation when the parties are of one mind (unified).
In the platform network, agreements, commitments and obligations are based on contracts which are documents that peers can agree to by sending a signed secure email containing the contract text and a confirmation of comprehension and agreement to a number of other peers who then sign and return the message with a confirmation of having witnessed the signed agreement. Contractual agreements allow the creation of assurances which can then act as axioms for functionality on higher levels of abstraction in the system.
See also
- Trust group
- Article on Worldchanging regarding the need for new bottom-up legal frameworks
