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Part XI Remedies for Breach of Contract, 46 Interest

From: Global Sales and Contract Law (2nd Edition)

Ingeborg Schwenzer, Edgardo Muñoz

Content type:
Book content
Product:
International Commercial Law [ICML]
Published in print:
14 June 2022
ISBN:
9780198871255

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 22 September 2023

Subject(s):
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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