A Contract is a PROMISE (usually a pair of mutually-dependent Promises) that the Law will enforce.
But, what is a promise?
A promise is something "that can't be done there and then" ... and therefore has to be 'promised'. Promised for the future.
If that 'something' can be done "there and then" ... then it would be done (and "got out of the way") ... there is no need to promise
This ties in with the promise, made by the Bank of England, on all banknotes. The promise (to pay a 'sum', on demand) has to be made - because there is no such thing as that 'sum' ... thus the act cannot take place there and then ... and has to be promised for some unspecified time in the future. This is, of course, the exact equivalent of that pot of gold at the end of the rainbow!
Thus all notes of 'currency' (all 'legal tenders') are empty, worthless, meaningless, Promissory Notes (IOUs)
And (with thanks to Stefan Molyneaux) we also have the insight that: If Human "A" makes a promise to Human "B", Human "C" is not bound by that promise.
This has enormous repercussions, because it means that NOTHING any Government or Parliament does is worth a candle. Any promises they may make (e.g. to the European Union) DO NOT BIND ANYONE ELSE ... except the specific Ministers who are making those promises.
No-one has the right to assume they can make promises on anyone else's behalf.
To say, or assume they have such a right, is to deny an individual's free will to make their own promises.
As in the case of 'permissions', if any individual claims this Promising-on-behalf-of-others Right for themselves, then the correct description of that individual is: "arrogant hypocrite". Anyone who makes such a claim must have a Personality Disorder. The only exceptions are in the case of children, and certain, specific, business situations - for example Boss/Secretary - but here BOTH have CONSENTED to the arrangement..
PLEASE FEEL ENTIRELY FREE TO RUN THIS EXPLANATION PAST ANYONE IN THE “LEGAL” PROFESSION.