Freedom of contract essay

• Freedom of contract


  The theory that individuals should be able to enter into obligations that are enforceable by law without state interference
• Freedom of contract


  • It's a fundamental aspect of contract law that provides parties with autonomy and control over their own affairs
  • It enables businesses to pursue commercial aims
  • It's a key part of a market economy
  • It provides a mechanism whereby a person's contract can be enforced
• Freedom of contract


  The law has recognised the need for limits to protect against misrepresentation, economic duress, and unfair bargaining power
• Limits to freedom of contract

  • Misrepresentation
  • Economic duress
  • Consumer protection legislation like the Consumer Rights Act 2015
• The Consumer Rights Act 2016 sets minimum standards in the form of implied terms, e.g. goods must be of satisfactory quality
• Statutory intervention has significantly restricted freedom of contract in the interests of restoring a more appropriate balance of power between the parties
• Freedom of contract is an important right that allows people to make choices and agreements with each other
• There are also limits to this freedom to protect people from harm