Common Currency
/ˌkɒmən ˈkʌrənsi/
Definitions
- (n.) A medium of exchange accepted by various parties, typically used as a standard for financial transactions across jurisdictions or entities.
The euro serves as a common currency for many European Union countries.
- (n.) A shared or widely recognized standard or principle in legal or commercial discourse facilitating understanding and agreement.
Certain contractual terms have become common currency in international trade agreements.
Forms
- common currency
Related terms
See also
Commentary
In legal drafting and policy, 'common currency' can refer both to an actual monetary unit used cross-border and to widely accepted concepts or standards; clarify context to avoid ambiguity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.