NEW ASPECTS ABOUT THE PENALTY CLAUSE IN CURRENT LEGISLATION

Ana-Maria Macarescu ()
Additional contact information
Ana-Maria Macarescu: Police Academy „Alexandru Ioan Cuza”, Bucharest, Romania

Perspectives of Law and Public Administration, 2012, vol. 1, issue 1, 193-201

Abstract: The penalty clause is that ancillary agreement in which the parties predetermines the equivalent loss suffered by the creditor as a result of the failure, delay or improper performance of the obligation by the debtor. Over time, the legal nature of penalty clause has been a controversial subject. The provisions of the new Civil Code establishes a mixed theory of the legal nature of the penalty clause aiming at fulfilling its main function, namely the private penalty function and the repair function, plus the comminatory and warranty.

Keywords: agreement; obligation; penalty clause; damage (search for similar items in EconPapers)
JEL-codes: K12 (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.businesslawconference.ro/revista/artico ... 0Macarescu%20Eng.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sja:journl:v:1:y:2012:i:1:p:193-201

Access Statistics for this article

More articles in Perspectives of Law and Public Administration from Societatea de Stiinte Juridice si Administrative (Society of Juridical and Administrative Sciences) Contact information at EDIRC.
Bibliographic data for series maintained by Catalin-Silviu Sararu ().