14:16
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Simple English definitions for legal terms
liberty of contract
Read a random definition: Seventh Amendment
A quick definition of liberty of contract:
The liberty of contract is the idea that people have the right to make agreements with each other without interference from the government. This means that contracts are based on mutual agreement and free choice, and should not be controlled by external forces. It is the principle that people can decide how they want to interact with each other, rather than being forced into certain roles. This concept is important because it allows individuals to have control over their own lives and relationships.
A more thorough explanation:
Liberty of contract, also known as freedom of contract, is the idea that people have the right to make legally binding agreements without interference from external sources such as the government. This means that contracts are based on mutual agreement and free choice.
For example, if two people agree to buy and sell a car for a certain price, they have the right to do so without the government telling them they can't. This is because the principle of liberty of contract allows individuals to make their own decisions about their relationships and agreements.
The concept of liberty of contract is important because it allows people to enter into agreements that are beneficial to them and to negotiate terms that work for both parties. It also allows for the creation of new business ventures and economic growth.