taward's Comments

Contracts are most emphatically NOT moral obligations. They are legal obligations where each side can act in their own self-interest and suffer any specified consequences in the contract. The person who abandons the home lose the home and suffers financial consequences in the credit rating department. The contract returns the home to the bank. NEITHER side has any moral obligation; only the legal ones spelled out in the contract. No contract is ever inviolate althugh the specified may be severe, any contract can be broken at any time (with the specified consequences).

Businesses do this all the time (cf. Donald Trump and any number of other high financiers who have bailed out of failed real estate development projects).
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  • Member Since 2012/08/07


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