Webster's Revised Unabridged Dictionary · 1913

Penalty

Penalty , noun

[French pénalité. See Penal.]

1.
Penal retribution; punishment for crime or offense; the suffering in person or property which is annexed by law or judicial decision to the commission of a crime, offense, or trespass.
Death is the penalty imposed. — Milton
2.
The suffering, or the sum to be forfeited, to which a person subjects himself by covenant or agreement, in case of nonfulfillment of stipulations; forfeiture; fine.
The penalty and forfeit of my bond. — Shakespeare
3.
A handicap. [Sporting Cant]

The term penalty is in law mostly applied to a pecuniary punishment.

Collocations (2)
Bill of pains and penalties , See under Bill.
On penalty of or Under penalty of , on pain of; with exposure to the penalty of, in case of transgression.