November 21, 2008, Friday, 325

Contract

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A digital contract is an agreement between two parties on Bitmunk. All contracts are registered with a trusted 3rd party, the Sales Verification Authority. A typical contract takes the form of a transaction contract, which outlines the sale terms and conditions that a buyer and a seller have agreed upon. If the buyer and the seller do not agree at any point during a transaction, the contract is invalidated and no sale occurs.