Liberty of Contract

Liberty of Contract is a legal principle that allows individuals and businesses to freely negotiate the terms of their agreements without interference. This concept implies that people can create contracts based on their own preferences, as long as the terms are legal and not against public policy. Essentially, it respects personal freedom in economic activities, encouraging voluntary exchanges and fostering entrepreneurial spirit. However, this principle does have limits, particularly to prevent unfair practices or exploitation, ensuring that contracts remain fair and just for all parties involved.