Part II The Private Law of Monetary Obligations, 5 The Interpretation of Monetary Obligations—Initial Uncertainty

5.01 The interpretation of a monetary obligation involves two key elements namely (1) the identification of the currency in which the obligation is expressed (usually referred to as the ‘money of account’); and (2) the ascertainment of the amount required to be paid by reference to the currency so identified.1 5.02 This may appear to be a statement of the obvious, and (in most cases) so it will be. But the identification of the currency in which an obligation is expressed will, in occasional cases, cause extreme difficulty. For present purposes, it is proposed to...