Part III The Principle of Nominalism, 9 Monetary Obligations, Liquidated Sums, and the Principle of Nominalism

9.01 It has previously been noted that the debtor of a monetary obligation is under a duty to pay money which, amongst other peculiarities, incorporates a reference to a distinct unit of account.1 It has also been shown that money is not merely a quantity of metal or paper, but an abstract unit of measurement which in this country cannot even be defined by an historical analysis.2 It has, therefore, been said, with some justification, that ‘a debt is not incurred in terms of currency, but in terms of units of account’,3 and that ‘contracts are expressed in terms...