Contract Law 1/2/3
Contract Law
Contract Law
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Set of flashcards Details
| Flashcards | 42 |
|---|---|
| Language | English |
| Category | Law |
| Level | University |
| Created / Updated | 28.12.2019 / 15.01.2024 |
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What is a Penalty?
For Example:
Any delay with the delivery of an industrial plant causes considerable damage to the customer. Therefore, the contractor often is obliged to pay a penalty for each day he is late in the delivery of it.
What are limitations of liability?
Limitations set in the contract to exclude any unappropriate damages
- simple negligence (of an employer)
- loss of profit
- etc.
Personal injuries cannot be excluded.
Breach of warranty, termination, reduction of price, claim for remedy of a defect or the contract cannot be covered
