Freedom of contract refers to the principle that individuals have the right to enter into agreements and contracts of their own free will, without interference from the government or other external parties. This principle allows individuals to negotiate and determine the terms and conditions of their contracts, including the price, duration, and obligations involved. It is based on the belief that individuals should have the autonomy to make their own choices and engage in voluntary transactions. However, freedom of contract is not absolute and can be limited by laws and regulations that protect public interests or prevent exploitation.
Answer: Freedom of contract is the legal principle that allows individuals and businesses to enter into agreements and contracts without interference from the government or other third parties.
Answer: Yes, there are limitations to freedom of contract. For example, contracts that are illegal or against public policy are not enforceable.
Answer: Generally, a contract can be enforced even if one party did not fully understand the terms. However, there are exceptions, such as cases of fraud or duress.
Answer: Yes, a contract can be modified or cancelled after it has been signed, but both parties must agree to the changes.
Answer: No, a contract signed under duress is not enforceable.
Answer: Generally, contracts signed by minors are not enforceable. However, there are exceptions, such as contracts for necessities like food and shelter.
Answer: No, a contract signed under false pretenses is not enforceable.
Answer: No, a contract signed by someone who was mentally incapacitated is not enforceable.
Answer: It depends on the circumstances. If the person was so intoxicated that they did not understand the terms of the contract, it may not be enforceable.
Answer: No, a contract signed under coercion is not enforceable.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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