This diploma thesis examines the problematic aspects of contractual penalties. It begins by defining the concept and outlining the functions of contractual penalties. The thesis then compares and contrasts these penalties with related legal institutions, such as damages and interest for delays, elucidating both similarities and differences. A key focus is the assessment of contractual penalties, discussing their reasonableness and situations where they may be excessively high, necessitating judi... show full abstractThis diploma thesis examines the problematic aspects of contractual penalties. It begins by defining the concept and outlining the functions of contractual penalties. The thesis then compares and contrasts these penalties with related legal institutions, such as damages and interest for delays, elucidating both similarities and differences. A key focus is the assessment of contractual penalties, discussing their reasonableness and situations where they may be excessively high, necessitating judicial moderation. This discussion includes recent developments in how courts handle such moderation. Additionally, the thesis explores the intersection of economics and contract law, discussing fundamental economic concepts relevant to contract law such as uncertainty, risk, optimization, strategy, and commercial logic. Drawing from current literature and case law, the thesis aims to highlight critical issues surrounding contractual penalties, particularly their excessive imposition, and to explore their relationship with other legal concepts like damages and delayed payment interest. |