The Service Industry, which comprises of almost 90% of our economy, is coming close to an end in contraction and the beginning of growth.
Service Industries Probably Contracted: U.S. Economy Preview
Sunday, July 5, 2009
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In the majority, the Texas Supreme Court first described Texas' long public policy of enforcing contracts as written. The Court stated that it would not lightly void a contractual provision for public policy reasons. The Court then looked at the other side of the coin and reviewed the purposes of punitive damages - to punish an individual or entity. The Court went through the punitive damages statute and described the care that the legislature took in making sure that punitive damage awards were individually based. Having an insurer pay for punitive damages would undermine the punishment purpose of punitive damages.
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