EARNEST-MONEY, WITHDRAWAL OF A BID AND DEPOSIT AS INSTITUTES OF CONTRACT LAW

Authors

  • Milan Počuča The Faculty of Law, the University of Business Academy in Novi Sad
  • Maja S. Kovačević The Faculty of Economy and engineering management, the University of Business Academy in Novi Sad

Abstract

Earnest-money has a wide range of application in a practice if we are talking about two-sided contract law agreements. It is a kind of a true, real guarantee of fulfilling the agreed obligations. Earnest-money realizes its function of a guaranteed obligation in the sense of a psychological pressure on a debtor to fulfill his obligation. The realization of the earnest-money depends on the realization of the main contract. The party providing earnest-money is obliged to give it to the other party at the time of signing a contract. The abandonment should be paid only if there is an usage of the right to the abandonment of the contract. The agreed punishment serves as a compensation for a damage which a creditor has suffered because of a breach of contract. So, besides a preventive effect, it has a repressive one too.

References

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Published

2011-09-30

How to Cite

Počuča, M., & S. Kovačević, M. (2011). EARNEST-MONEY, WITHDRAWAL OF A BID AND DEPOSIT AS INSTITUTES OF CONTRACT LAW. Pravo - Teorija I Praksa, 28(7-9), 82–96. Retrieved from https://casopis.pravni-fakultet.edu.rs/index.php/ltp/article/view/262

Issue

Vol. 28 No. 7-9 (2011): Pravo - teorija i praksa

Section

Professional work

License

Copyright (c) 2011 University Business Academy in Novi Sad Faculty of Law for Commerce and Judiciary

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

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