contr. A clause in an agreement, by which the obligor agrees to pay a certain-sum of money, if he shall fail to fulfill the contract contained in another clause of the same agreement. 2. A penal clause in an agreement supposes two obligations, one of which is the primitive or principal; and the other, is, conditional or accessory. 3. The penal obligation differs from an … [Read more...] about PENALTY
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Penn St. Int’l L. Rev.
Penn State International Law Review … [Read more...] about Penn St. Int’l L. Rev.
Pepp. Disp. Resol. L.J.
Pepperdine Dispute Resolution Law Journal … [Read more...] about Pepp. Disp. Resol. L.J.
PENALTY CLAUSE
Contract clause where a harsh monetary penalty results should a party default. Such contracts may be deemed adhesion contracts and unenforceable by the courts when the amount bears no relation to the actual damages incurred by the non-defaulting party. … [Read more...] about PENALTY CLAUSE
Penn St. L. Rev.
Penn State Law Review … [Read more...] about Penn St. L. Rev.