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Freedom of contract is the principle according to which individuals and groups may form contracts without government restrictions. This is opposed to government regulations such as minimum-wage laws , competition laws , economic sanctions , restrictions on price fixing , or restrictions on contracting with undocumented workers .
In international law, the principle is known as the Lotus principle, after a collision of the S.S. Lotus in international waters. The Lotus case of 1926–1927 established the freedom of sovereign states to act as they wished, unless they chose to bind themselves by a voluntary agreement or there was an explicit restriction in international law ...
The Rise and Fall of Freedom of Contract (1979) is a legal-historical text on the changes in the concept of freedom of contract by English Professor Patrick Atiyah. It was published by the Oxford University Press, and a paperback edition was released in 1985.
Freedom of contract Printing and Numerical Registering Co v Sampson (1875) 19 Eq 462 is an English contract law and patent case. It is most notable for strong advocacy of the principle of freedom of contract put forward by Sir George Jessel MR.
A principal consequence of the doctrine of privity is that, at common law, a third party generally has no right to enforce a contract to which they are not a party, even where that contract was entered into by the contracting parties specifically for their benefit and with a common intention among all of them that they should be able to enforce it.
Freedom of contract and regulation; Autonomy; Bargaining power and inequality of bargaining power; Will theory, promise "Promise" in the Stanford Encyclopedia of Philosophy; Arthur Linton Corbin; Adverse selection, moral hazard, information asymmetry; Complete contract and default rule; Agency cost, principal and agent problem
The principle has been derived through various philosophical approaches, including: Consequentialism: some advocates base the non-aggression principle on rule utilitarianism or rule egoism. These approaches hold that though violations of the non-aggression principle cannot be claimed to be objectively immoral, adherence to it almost always ...
Pacta sunt servanda [1] ("agreements must be kept.") is a brocard and a fundamental principle of law which holds that treaties or contracts are binding upon the parties that entered into the treaty or contract. [2] It is customary international law. [3]