Back Quote by William Petty
“Wherefore when a man giveth out his money upon condition that be may not demand it back until a certain time to come, he certainly may take a compensation for this inconvenience which he admits against himself.”
About This Quote
Source Treat: Treatise on the Laws of England, 1691
Borrowing money with delayed repayment can be compensated for the inconvenience caused to the lender.
In simple terms: Delay in repayment justifies a fee.
Key Takeaway
Charge reasonable interest for deferred payment.
Themes
finance
law
ethics
Mood
analytical
neutral
Type
legal
philosophical
When to use this quote
- personal loans
- business credit
- rent agreements
Key Concepts
interest
contractual fairness
Questions to Reflect On
- Is the compensation proportionate to the inconvenience?
- How does this affect trust between parties?
A Different Perspective
Compensation may be seen as exploitation if excessive.
