How have courts interpreted a liquidated damages clause in a contract?
MultiRegion, United States of America
The following excerpt is from United Merchants and Mfrs., Inc., In re, 6 C.B.C.2d 321, 674 F.2d 134 (2nd Cir. 1982):
Finally, In Cotheal v. Talmage, 9 N.Y. 551 (1854), the court enforced a liquidated damages clause, but referred in dictum to the general rule that liquidated damages in a contract to pay money will be regarded as a penalty. The court placed great emphasis, however, on honoring the intention of the parties and stated:
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