Abstract:
Freedom of contract is a principle of law, expressing three related ideas: parties should be free to choose their contracting partners (‘party freedom’), to agree freely on the terms of their agreement (‘term freedom’) and where agreements have been freely made, parties should be held to their bargains (‘sanctity of contract’). This entry, prepared for an encyclopedia of law and economics (ed Jürgen G Backhaus, Springer) provides an overview of the economic justifications and limitations of this principle.
Cserne, Péter, Freedom of Contract (and Economic Analysis) (December 2014). TILEC Discussion Paper No 2014-049.
First posted 2014-12-17 07:05:03
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