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Part VI Monetary Unions and other Forms of Monetary Organization, 30 Monetary Union and Monetary Obligations

Charles Proctor, Dr Caroline Kleiner, Dr Florian Mohs

From: Mann on the Legal Aspect of Money (7th Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 31 January 2023

Monetary union — Monetary obligations — Banker-customer contract — Interest and credit
30.01 It has been noted earlier1 that a monetary obligation cannot generally be the source of frustration under a contract. Leaving aside the possibility of supervening illegality either under the law applicable to the contract or the law of the place of performance,2 the performance of a monetary obligation cannot be rendered factually or objectively impossible, even if the monetary unit in which it was originally expressed has ceased to exist. It is, however, to be noted that monetary union in Europe involved the effective disappearance of eleven national...
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