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0 tracked cards Contracts

A venue contract required a promoter to pay $20,000 if it canceled a scheduled concert. At contracting, the venue's lost profits and rebooking costs were difficult to estimate, and $20,000 was a reasonable forecast of likely loss. The promoter canceled and argues that the clause is an unenforceable penalty.
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The clause is unenforceable unless it awards the same amount for every possible breach regardless of severity. The clause is enforceable if it is a reasonable forecast of difficult-to-measure damages and is not a penalty. The clause is enforceable whenever the parties call it liquidated damages. The clause is enforceable because contract law favors punishment of breach.

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