Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Contract, Freedom of

  • Péter CserneEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_538


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 provides an overview of the economic justifications and limitations of this principle.

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© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.University of HullHullUK