This chapter presents the nature of money and the financing role played by transfers of different types of obligation. It considers the idea of money, which is central to a developed capitalist economy, thus becoming a universal means of exchange. Meanwhile, the conflicting needs of the parties can only be accommodated by the supplier transferring to a third party the right to receive payment from the customer, in return for an immediate cash payment. The chapter then enumerates the practice of assignment and negotiation as mechanisms of transferring obligations. It also discusses the classification of property, cryptocurrencies, and other digital assets.
Chapter
24. Money and the transfer of obligations
Chapter
20. Financing The Transaction
This chapter looks into the process of financing transactions. It starts with how to satisfy a buyer's obligation of payment, which includes alternatives like giving a promissory note or having a third party finance the payment. The circumstances of whether or not the seller provides the buyer with credit ultimately depend on the relative bargaining power of the parties. The chapter then discusses how digitalization affected commercial technologies, referencing the development of blockchains and cryptocurrencies. It explains that aspects of digitalization relate to the control of assets and security over intangible assets, while the growth in importance and value of digital assets raised questions about the reformation of the current law.
