South Dakota Codified Laws 53-9-5. Contracts fixing damages void, exception
Current as of: 2023 | Check for updates
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Every contract in which amount of damage or compensation for breach of an obligation is determined in anticipation thereof is void to that extent except the parties may agree therein upon an amount presumed to be the damage for breach in cases where it would be impracticable or extremely difficult to fix actual damage.
Terms Used In South Dakota Codified Laws 53-9-5
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: CivC 1877, §§ 956, 957; CL 1887, §§ 3580, 3581; RCivC 1903, §§ 1274, 1275; RC 1919, §§ 895, 896; SDC 1939, § 10.0704.