I wouldn't deal with anyone I didn't personally know, especially in the realm of "New Eden" where being a "scammer" is some sort of f*cked up badge of honour. If I offered up something for sale IRL and the buyer didn't pay up upon goods receipt or their cheque bounced, then g*ddamn right it's theft. And deserving of retribution.

No, it's theft. Fraud is a specific form of theft. Scamming is also theft, but in Eve it's specifically allowed, I've not seen such an exemption in any of the Dust Terms of Use allowing it though.

Congratulations on using reductio ad absurdem like a child because they've been proven wrong. Specific exemptions for that is entirely unnecessary. It's discourteous, not illegal or even morally wrong. Your suggestion implies that they should have a specific exemption for everything that irritates you?

Theft is wrong, and moreover in any other game of its type is not tolerated and so a specific exemption is granted in EvE specifying that it is allowed and so to guard against it.

The misunderstanding is not mine, but yours for thinking that theft is allowed and normal behaviour and should be placed on the same level of behaviour as an open microphone. One hopes you're just trolling.

No, fraud and theft are almost the same legal definition. Fraud IS theft, or more importantly, a specific form of theft.

Why isn't there some sort of defence against this?

Surely it should be - player offers item, player pays for item end of discussion.

If it's ever - player doesn't receive item/funds, there should be an option to recall the transaction and both parties are no worse (or better) off.

Personally, I'm not trading with anyone but my alt until they make it fair.

No, it's not wrong at all. It is likely negligence, or they're busy, your implication is that they are deliberately doing it to irritate you, which would be wrong. Without intent there is no moral argument to be made so the action is negligent, not morally wrong in any way and therefore completely irrelevant and no place in this discussion. As I said, you are comparing an act of negligence with an act that is illegal. That the act takes place in an online setting doesn't change that.

Theft IS illegal. It is defined as such and you have no clue how legality is actually defined. The Judiciary do not define legality. They enforce the law (and in America have the unique power to strike down laws incompatible with the Constitution). The law is defined by the legislative branches of government, who also set the punishment for said laws.

As I said, Theft is illegal. Fraud is also a form of theft and also illegal. As they are both illegal, within the framework of the game there is a specific exemption for EvE that allows it.

I refuse to lower myself to the act of going and actually finding legislation wording for them because you clearly have no actual idea how the law is formed or works.