- Contract — Interest rate and damages — Calculation of interest — Interest as damages — Payment of interest — Compound interest — Simple interest
This chapter explores the concept of interest. The concept of interest and its justification has been under scrutiny and dispute from philosophical, religious, and moral perspectives. Contractual agreements on the obligation to pay interest are enforced in the vast majority of legal systems. Additionally, the rate of interest is included in the obligation. Legal systems display a significant degree of uniformity where the parties go beyond the limits of their freedom to fix a contractual interest rate. Both parties are required to go under default provisions if they failed to have an agreement on paying interest.
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