Hi All,
I was wondering if any of you have any experience on contract law? There doesnt seem to be much about it online.
The reason i ask is with regards to the practice of the banks in recent years, in particular the fractional reserve system of conducting business which allowed them to created money out of nothing.
When you take out a bank load, mortgage etc, under contract law both parties need to put up consideration which i interpret as anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions etc
My question is, if you were to stick to the rigid letter of the law how could the banks have put up valid consideration when the money they created never existed?
Thanks