To Allow Penalty Clauses Or Not To Allow Penalty Clauses, That Is the Question

Who knew lessons of contractual law would come from William Shakespeare?  My reading for today regarding the difficult case (or so I am told, I don't actually know enough to realize it's difficult) of Lake River Corporation v. Carborundum Company involves the study of the contract between Antonio and Shylock in The Merchant of Venice.  This gives me hope.  The Merchant of Venice I understand.  The subtleties of the differences between liquidating damages and penalty clauses, I am not so sure.  

It's been far less surprising to have the number of agricultural examples thrown to us, of which I can also relate.  Today we used milk truck drivers and farmers as a contractual example for class.  Not sure how many people in my class have a clue as to what any of that means.  I have only encountered one other person who has farm roots, and it wasn't dairy.  

After surviving a weekend drowning in homework, which I didn't complete, I am treading water through week 3.  It's a bit of the luck of the draw.  While all of us 1L's are in the same courses, the differences among our faculty's approaches and small group coursework is enough to matter significantly.  Still I wouldn't wish to be anywhere other than where I am.