First: a third party is not bound by the contract. And if the contract cannot validly or practically secure you income, you cannot very well be said to be losin

First: a third party is not bound by the contract. And if the contract cannot validly or practically secure you income, you cannot very well be said to be losing anything. Second: the big question is: why should we make the form of such a contract a general rule/law? Just assuming it is a matter of contract is just assuming away the interesting question.