What are the legal implications of trading on a LETSystem?
The same laws apply, whether or not you are trading on a LETSystem. You are responsible for your actions and your behaviour. All account-holders agree to adhere to a simple set of legally-binding agreements. The agreements also apply to those who provide services which are essential to the operation of the system itself, such as transaction recording. Providers of essential services enter into additional agreements with the other account-holders In common with other account holders, they have to take into account their particular legal status when trading. It is the agreements which legally define the relationships within the LETSystem. These agreements can be subject to contract law.
