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New Aspects About The Penalty Clause In Current Legislation

Author

Listed:
  • Ana-Maria Macarescu

    (Police Academy „Alexandru Ioan Cuza”, Bucharest, Romania)

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.

Suggested Citation

  • Ana-Maria Macarescu, 2012. "New Aspects About The Penalty Clause In Current Legislation," Perspectives of Law and Public Administration, Societatea de Stiinte Juridice si Administrative (Society of Juridical and Administrative Sciences), vol. 1(1), pages 193-201, December.
    • Handle: RePEc:sja:journl:v:1:y:2012:i:1:p:193-201
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    File URL: http://www.businesslawconference.ro/revista/articole/an1nr1/22%20Ana-Maria%20Macarescu%20Eng.pdf
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    More about this item

    Keywords

    agreement; obligation; penalty clause; damage;
    All these keywords.

    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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