Part III The Principle of Nominalism, Introduction

Intro.III.01 Part II of this work has considered the nature and extent of monetary obligations and numerous questions touching the interpretation and performance of such obligations. It is now necessary to consider the principle of nominalism, which in many ways supplements the rules discussed in Part II. In its essence, the principle establishes that obligations expressed in money are to be treated as independent and self-standing measures of value; they are not liable to adjustment on the basis of factors which are extraneous to the monetary system or the unit...