Tuesday, March 4, 2014

An EDI format and a fill-in form that is a legal contract

Promise.
Promise.

Deliver.
Deliver.

End transaction.


The above creates efficiency in electronic transactions by providing a standard format.  It also disobviates the need for a lawyer in every transaction.

Lawyers don't understand money or finance, however, draw up the contracts that define the interactions.  Reading through the legalese is difficult due to lack of a standard format:  Promise Language solves that.

Sometimes lawyers create a contract that finance people call a "derivative".  The contract is unnecessary and creates confusion that loses responsibility and accountability.  This is due to the lawyer's non-understanding of money and finance.

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