PENALTY
Categories: Contracts
Definition (1910 Edition)
1. The sum of money which the obligor of a bond undertakes to pay by way of penalty, in the event of his omitting to perform or carry out the terms imposed npon him by the conditions of the bond.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
reference only and does not constitute legal advice.