Define: Penalty

Penalty
Penalty
Quick Summary of Penalty

In legal terms, a penalty refers to a punishment or consequence imposed by law or a contractual agreement for violating a rule, law, or contractual provision. Penalties serve as deterrents to discourage individuals or entities from engaging in prohibited behaviour and promote compliance with legal or contractual obligations. Penalties can take various forms, including fines, imprisonment, forfeiture of rights or property, or other sanctions. The severity of a penalty often depends on the seriousness of the offense, the potential harm caused, and the applicable laws or regulations governing the conduct. In contractual contexts, penalties may be stipulated in agreements to discourage breaches or ensure performance, but they must be reasonable and proportionate to be enforceable. Overall, penalties play a vital role in upholding the rule of law, maintaining order, and enforcing legal rights and obligations.

What is the dictionary definition of Penalty?
Dictionary Definition of Penalty
n.
  1. in criminal law, a money fine or forfeiture of property ordered by the judge after conviction for a crime.
  2. an amount agreed in advance if payment or performance is not made on time, such as a "late payment" on a promissory note or lease, or a financial penalty for each day a building contractor fails to complete a job.
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This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 28th March, 2024.

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