Freedom of Contract

Peter Cserne

doi:10.1007/978-1-4614-7883-6_538-2

Freedom of Contract

Peter Cserne

Law

Research output: Chapter in Book/Report/Conference proceeding › Chapter

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”). A key contribution of economics to contract law scholarship has been to systematize and rationalize both the principle and its limits in terms of social welfare. This entry provides an overview of the economic justifications and limitations of the principle.

Original language	English
Title of host publication	Encyclopedia of Law and Economics
Editors	Alain Marciano, G B Ramello
Place of Publication	New York
Publisher	Springer
Number of pages	9
Edition	2nd
ISBN (Electronic)	978-1-4614-7883-6
ISBN (Print)	978-1-4614-7883-6
DOIs	https://doi.org/10.1007/978-1-4614-7883-6_538-2
Publication status	E-pub ahead of print - 8 May 2021

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Freedom of Contract

Abstract

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