контекст: Legal opinon.

Under section 74 of the Contract Law, when a contract has been broken, if a sum is stated in the contract as the amount to be paid in case of such breach, or if the contract contains any other *stipulation by way of penalty*, the party complaining of the breach is entitled, whether or not actual damage or loss is proved to have been caused thereby, to receive from the party who has broken the contract reasonable compensation not exceeding the amount so named or, as the case may be, the penalty stipulated for. A stipulation, for example, for increased interest from the date of default, may be a *stipulation by way of penalty*.

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