Section 74(a) in Jammu and Kashmir Contract Act, Svt. 1977 (1920 A.D.)
(a)A contracts with B to pay Rs. 1,000 if he fails to pay B Rs. 500 on a given day. A fails to pay Rs.500 on that day. B is entitled to recover from A such compensation, not exceeding Rs. 1000, as the Court considers reasonable.
