United States Contract Law Quoting: Anonymous Coward 7043507
Statute of Frauds
Ordinarily, contracts do not have to be in writing to be enforceable. However, certain types of contracts do have to be reduced to writing to be enforceable, to prevent frauds and perjuries, hence the name statute of frauds, which also makes it not a misnomer (fraud need not be present to implicate the statute of frauds).
Types of Contracts Implicated
Typically the following types of contracts implicate the statute of frauds:
Land, including leases over a year and easements
Suretyships (promises to answer for the debts, defaults, or miscarriages of another)
Consideration of marriage (not to actually get married but to give a dowry, for example)
Goods over a certain amount of money (usually $500, as in the UCC)
Contracts that cannot be performed within one year
Simply put, Federal Reserve NOTES are private property. They are property of the Federal Reserve member banks, their use is defined in Title 12 of the Federal Code.
The owner of the FRN is clearly posted on it, the Seal of the Federal Reserve is there, the boarders are well defined. They are not YOURS, you are using them, that implies contract. Your signature (endorsement) on any NOTE or bank transaction assumes the use of the Federal Reserve.
That is consensual and voluntary endorsement of a private company (The Federal Reserve).
It is a contract and nothing is compelling you to do it. 12 USC 411 clearly spells out you have the right to demand lawful money in ALL your transactions.
That is legal, lawful and contractual, you endorse and use their property, you owe them a fee AND agree to pay by their rules.