Penalties are not enforceable. A provision of a contract which professes to fix an amount to be paid as a penalty if it is designed to extract compensation that is greater than a genuine pre-estimate of loss may be considered a penalty.

Easyform Glossary of Law Terms. — UK law terms.

1 Punishment in the form of fines or prison terms imposed on wrongdoers. Although normally applied in criminal cases, there are some cases of civil misdeeds for which a penalty (as distinct from a remedy) may be imposed.
2 Damages imposed by a contract for failing to meet a certain obligation, such as completion by the agreed-upon date.

Webster's New World Law Dictionary. . 2000.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • penalties — ● penalty, penaltys ou penalties nom masculin (anglais penalty) Au football, sanction prise contre une équipe pour une faute commise dans sa propre surface de réparation. (Le ballon est placé à 11 m du but, dans l axe de celui ci, et le gardien… …   Encyclopédie Universelle

  • penalties — Amounts demanded by the tax authorities in excess of the tax due when certain statutory requirements have not been satisfied. The penalty regime for income tax and corporation tax differs from that for value added tax. For income tax and… …   Accounting dictionary

  • Penalties — Penalty Pe nal*ty, n.; pl. {Penalties}. [F. p[ e]nalit[ e]. See {Penal}.] 1. Penal retribution; punishment for crime or offense; the suffering in person or property which is annexed by law or judicial decision to the commission of a crime,… …   The Collaborative International Dictionary of English

  • penalties — Financial penalties applied for breaches of HMRC. HM Customs & Revenue Glossary …   Financial and business terms

  • penalties — noun A penalty shootout …   Wiktionary

  • penalties — pen·al·ty || penltɪ n. punishment; fine, punishment in the form of a financial payment …   English contemporary dictionary

  • IRS penalties — IRS penalties, as set out in the Internal Revenue Code, are imposed to enhance voluntary compliance. [Internal Revenue Service, Internal Revenue Manual , Policy P 118, IRM] There are over one hundred forty separate IRS penalty… …   Wikipedia

  • Controlled Substances Penalties Amendments Act of 1984 — The Controlled Substances Penalties Amendments Act of 1984, 98 Stat. 2068 (21 U.S.C. § 841(b)), generally enhanced the penalties for violations of the Comprehensive Drug Abuse Prevention and Control Act of 1970. The 1984 legislation… …   Wikipedia

  • Code of Offences and Penalties — The Code of Offences and Penalties (French: Code des délits et des peines) was a criminal code adopted in revolutionary France by the National Convention on 25 October 1795 (the 3rd of Brumaire of the year IV under the French Republican Calendar) …   Wikipedia

  • civil penalties — Fines or other financial payments imposed by a state or federal agency for violation of laws or regulations. Examples include fines for late payment of taxes, or penalties for failing to obtain a building permit. Category: Business, LLCs &… …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”