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:
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—Mary S. Anthony (1827–1907)
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