Stuart Stone
Let�s examine the bank loan scenario that Max was discussing with Will. I can see both sides of this exchange...
My brain goes like this:
Q: What NAME is the bank account made out in? A: The PERSON�s
Q: How do I know? A: Because when the account was opened and/or the loan made, (government issued) PERSONal identification was used, the loan was made out in the PERSON�s name, the account is in the PERSON�s name. (Even if the PERSON in question is a corporation, government issued/approved identification ie: Company registration certificate is used to identify the corporation).
Q: What was offered as consideration/security for the loan? A: A promissory note, in advance, thus creating money of account, listed as an asset on the bank�s ledger. And yes, the bank happily accepted it. Consequently, the alleged loan has been prepaid, by ME via the surety of the PERSON:
Q: Have I made any mistakes along the way? A: I may have mistakenly led the bank to believe that the PERSON and ME are one & the same entity, so I may need to go back and clarify this mistake and inform them that I am instead acting in the role as Sole Authorised Administrator for the PERSON.
Q: Can this mistake be addressed? A: Absolutely.
As ALL commerce (when using legal tender) is through the PERSON, in that it was paid to a PERSON, deposited into a PERSON�s account, or transferred from one PERSON to another. ALL those debts are acquired and may consequently be discharged via the surety of the PERSON, or purchased using the PERSON�s private account.
That is my comprehension, but if this is a massive stainshit and I�m missing something here, please feel free to correct/berate etc.
As legal tender has no intrinsic value, it in effect only has the agreed upon value of the parties (by agreeing to a dollar amount at/prior to the commencement of the contract). In that respect, Will is correct. Now, at the performance end of the contract, production of the agreed dollar value is the key issue. In that case, Mackximus can decide what his time is worth in several ways, (I�m sure there are many creative ways), here are 3:
He may renegotiate the terms of the contract, the amount etc (in much the same way that a debt recovery company does not pay full face value for the alleged debt). �Hey person I owe money to. You can come after me for the debt, but I am unwilling/unable to pay it to you, in which case you will probably transfer it to a debt collection company for 10% of its face value, and write it off on your company books for a tax benefit. In this case, how about I give you 10% of face value and we call it quits?�
OR:
I agree that my time is the market value for whatever tasks I�m performing (in this case, $20 per hour for mowing grass and emptying trash appears to be the going rate), so I�ll exchange 50 hours of my life for that.
OR:
I�ve been doing a bunch of reading and learning and I�m certain that I decide what I�m worth, in the only valuable currency I have: TIME.
So, I�ll use my brain to create a promissory note, deposit it with a bank in exchange for some money of exchange & transfer it to your account by wire, cheque or cash. Then I can discharge the alleged bank debt via the surety of the person, or let the bank send it on to a debt recovery company & I�ll deal with them in due course, cos those fuckers are easy to get rid of.
The second and third options are just examples of how you CHOOSE to leverage your TIME.
So, you�re both right, you MUST honour your contracts, but you get to CHOOSE what your time is worth by determining how you are going to use your TIME to settle the account, using the agreed upon medium of exchange at commencement.