“The central governing principle in contract and commercial law is freedom of contract. Indeed, any exceptions (such as the operation of vitiating factors) will necessarily be limited in scope as well as effect – lest uncertainty (which is the bane of contract and commercial law) ensues. Regardless of many theoretical views eschewing the concept of objectivity and certainty in the law, it cannot be denied that these concepts constitute fundamental assumptions in the practical sphere. That having been said (and as alluded to above), there will be occasions when the law will have to intervene in order to achieve justice and fairness. The present article deals with two such situations which simultaneously represent two important areas of contract and commercial law …”
Andrew Phang, ‘Penalty clauses and restraint of trade – a view from Singapore’  3 Journal of Business Law 208-224.