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Contract law for computers (financial markets)

From: Andrew Bransford Brown <andrewbb@gmail.com>
Date: Sat, 25 Mar 2017 09:41:45 -0400
Message-ID: <CAPS+YFLBatmmm1eQBHvKvn974Vg9EoW=+qrtqgA4UfnPAZc61A@mail.gmail.com>
To: Interledger Community Group <public-interledger@w3.org>
With regard to the precision and granularity required for
34.208.7.206/ContractsPage.aspx, here are some distinctions from the
financial markets:


1. Offer & Terms are separate because it allocates capital accurately.
Example:

Offer $1000.  This isn't a legal offer, but capital must be allocated or
one's credit line is reduced.
Terms 100 OSTK.  This becomes a legal offer.

2. Terms-Units can describe the currency or stock etc. Example:

Offer 1000
Terms-Units $
Terms 100
Terms-Units IBM

The above is a legal offer.

3.  Bid/Ask

The above example in #2 is a "Bid".  Here is an Ask:

Offer 100
Terms-Units IBM
Terms 1000
Terms-Units $

Note the identical data structure and description regardless of a Buy or a
Sell.  Bid/Ask becomes a display function.
Received on Saturday, 25 March 2017 13:42:18 UTC

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