Comparative Study of the Characteristics of Monetary Obligations
Keywords:
Money, Monetary Obligation, Delay Damages, Depreciation of MoneyAbstract
In the domain of obligations, various categories have been identified by the legislature as distinct types of commitments. One such category is the monetary obligation, under which the obligor is required to pay a sum of money to another party in order to perform the obligation. The separation of monetary obligations from other forms of obligations stems from the specific characteristics embedded within such contracts. The exclusivity of consideration in the form of money, the special form of compensation for loss known as delay damages, the perpetual enforceability of the obligation, the necessity of demanding performance in order to receive damages, the close relationship with economic public order, and the performance of the obligation based on the nominal value of money are among the distinctive features that place monetary obligations within a unique legal category. The primary reason for the uniqueness and distinctiveness of monetary obligations lies in their subject matter. Although money is legally considered property, its economic functions—serving as a medium of exchange, a unit of account, and a store of value—grant it a unique status in contracts, where it appears as the consideration and differentiates itself from the characteristics of a sold good. In contrast, such attributes are not observed in non-monetary obligations. In this study, the specific characteristics of money and monetary obligations are examined using an analytical–descriptive method.
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