REDUCTION OF THE PENALTY CLAUSE
REDUCTION OF THE PENALTY CLAUSE
Author(s): Florin LudușanSubject(s): Civil Law
Published by: Österreichische Nationalbibliothek Wien/ Österreichisch-Rumänischer Akademischer Verein
Keywords: penalty clause;New Civil Code; reduction;
Summary/Abstract: In present, legal provisions which establish the legal institution of the penalty clause are set forth in the New Civil Code and art. 1538 - 1543. Appearance of new, high practical interest is on the possibility created for the court to reduce the penalty clause if it "is manifestly excessive to the damage than can be provided by the parties at the end of the contract".
Journal: Conferința Internațională Educație și Creativitate pentru o Societate Bazată pe Cunoaștere - DREPT
- Issue Year: VI/2012
- Issue No: VI
- Page Range: 157-162
- Page Count: 6
- Language: English
