Freedom of contract is the freedom of individuals and corporations to form contracts without government restrictions. This is opposed to government restrictions such as minimum wage, competition law, or price fixing. The freedom to contract is the underpinning of laissez-faire economics and is a cornerstone of free market libertarianism. Through freedom of contract individuals entail a general freedom to choose with whom to contract, whether to contract or not and on which terms to contract.
Read more about Freedom Of Contract: History, Exclusion Clauses, Literature
Famous quotes containing the words freedom of, freedom and/or contract:
“When one makes a Revolution, one cannot mark time; one must always go forward—or go back. He who now talks about the “freedom of the press” goes backward, and halts our headlong course towards Socialism.”
—Vladimir Ilyich Lenin (1870–1924)
“Childhood is an adventure both for children and for their parents. There should be freedom to explore and joy in discovery. The important discoveries for both parents and children seldom come at the points where the path is smooth and straight. It is the curves in that path to adventure that make the trip interesting and worthwhile.”
—Lawrence Kutner (20th century)
“The way in which men cling to old institutions after the life has departed out of them, and out of themselves, reminds me of those monkeys which cling by their tails—aye, whose tails contract about the limbs, even the dead limbs, of the forest, and they hang suspended beyond the hunter’s reach long after they are dead. It is of no use to argue with such men. They have not an apprehensive intellect, but merely, as it were a prehensile tail.”
—Henry David Thoreau (1817–1862)