For example, one cannot form an LLC subject to a volitional term that the parties waive all filing requirements or that the income shall not be subject to income tax. To call an LLC or a statute a Contract of course doesn't hurt anyone by itself. The latter type of argument has surfaced recently in theoretical literature arguing that disclosure under the securities acts should have an opt-out privilege. This doesn't mean that Larry is wrong, of course. He is as free as I am to decide what meaning should be attached to a specific word.
Communication works fine so long as many or most people attach the same meaning to the same word.
Whether or not Larry's use of the term Contract communicates the right message I leave to others. First, it looks to me that the default rule is an at will company. At least that's what I think. Plus quotes, charts, news, portfolios, mutual funds, and discussion. All free, fast, and easy.