§ 2718. Liquidation or limitation of damages; deposits
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 2718
§ 2718. Liquidation or limitation of damages; deposits
(a) Liquidated damages in agreement.--Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy. A term fixing unreasonably large liquidated damages is void as a penalty.
(d) Payment in goods.--Where a seller has received payment in goods their reasonable value or the proceeds of their resale shall be treated as payments for the purposes of subsection (b); but if the seller has notice of the breach of the buyer before reselling goods received in part performance, his resale is subject to the conditions laid down in this division on resale by an aggrieved seller (section 2706).
Credits
1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980.
13 Pa.C.S.A. § 2718, PA ST 13 Pa.C.S.A. § 2718
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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