A question for Financial folks and contract lawyers
A friend and I were talking today and this subject, dealing with currency and contract law, came up.
Since all of our purchases and financial agreements are made in US dollars, including major purchases like house, car, land, credit cards etc. Can voiding the US dollar in favor of a crypto currency cancel contracts with banks by putting the banks in breach of contract? Could a US mortgage holder walk into a bank and demand their house title since the bank has violated the terms of the agreement? While a crypto can be manufactured from nothing and be called US dollar, it is not fiat currency or any degree of tangible currency that both parties had agreed on.
Just curious to see if the approach has merit.
Since all of our purchases and financial agreements are made in US dollars, including major purchases like house, car, land, credit cards etc. Can voiding the US dollar in favor of a crypto currency cancel contracts with banks by putting the banks in breach of contract? Could a US mortgage holder walk into a bank and demand their house title since the bank has violated the terms of the agreement? While a crypto can be manufactured from nothing and be called US dollar, it is not fiat currency or any degree of tangible currency that both parties had agreed on.
Just curious to see if the approach has merit.
In a major monetary crisis, people resort to barter and foreign currencies. In this scenario in the modern world, people would probably use crypto in addition to barter and other currencies. (This might have already happened somewhere, but I haven’t heard of it yet.)
courts will not side with We the People