Nominalism in Contract Law

Nominalism in contract law refers to the idea that the value assigned to a contract or its terms is based on agreed-upon names or interpretations rather than inherent, objective value. In practical terms, this means that a contract's validity doesn’t depend on the actual fulfillment of its terms, but on the parties' acknowledgment of those terms as binding. It underscores that legal agreements rely on the mutual understanding and consent of the parties involved, emphasizing the importance of expressed intentions over rigid interpretations of value or obligation.