10.01 As has been shown in Chapter 9, nominalism has developed and operated in the context of liquidated sums. The origins of the principle depend upon the presumed intention of the parties—whether that intention is mutually expressed (as in the case of a contract) or unilaterally stated (as in the case of a statutory provision, a judgment or award, or a pecuniary legacy). It must follow that the principle of nominalism can only apply to fixed or stated sums and that the principle cannot apply to obligations involving an unliquidated amount or claim.1 Instead, the...
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