He means they don't "exist" in a legal sense. They aren't a special category of things in the law that are separately called out to be treated differently than

He means they don't "exist" in a legal sense. They aren't a special category of things in the law that are separately called out to be treated differently than any other aspect of transactions governed by contract law. Legally, you buy something under either express or implied terms, constrained by the legal system where you bought it. I'm not aware of any distinction made where a service contract doesn't need to be honored, but an "investment vehicle" is treated differently.