Comments: The Ricardian Contract

The Ricardian Contract has been replicated by others but not in the same sense as creating a contract. They have provided the secure transaction based on the belief that if people entered their store or website the implications of the contract are present or suggested. So with the suggestion of a contract between buyer and seller they have chosen to make sure the information, i.e. the payment aspects, are recorded and transmitted to the banking designee assigned to the suggested contract by the buyer and seller.

The money and the asset are seperate items within the suggested contract. These are vague ideas of trust and since the only way one can deal with this and not loose their minds is branding by a trusted agent. Rather than create a building block for trust in a trustless enviroment they took the cream of the processing of the transaction and threw away the contractual aspects clearly defined in Ricardo.

This weakness and lack of focus allowed them to concentrate on what they did best: sell the brand and produce an air of security rather than actual security. Suggested contracts with the air of security is a version of the Ricardian Contract but in a weak fashion that does not hold itself up to critical review but rather makes a ton of money quickly.

Posted by Jim at July 7, 2004 07:51 AM
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