liberty of contract

liberty of contract
The right to make a contract and the right to terminate a contract subject only to civil liability for unwarranted termination, both of which rights are protected by the United States Constitution. 16 Am J2d Const L § 373. The right to acquire and possess property and to contract concerning it. Lawrence v Rutland Railroad Co. 80 Vt 370, 67 A 1091. Not an absolute guaranty of freedom to contract without reference to the nature of the contract as perversive, contrary to good morals, or in contravention of sound public policy, but a guaranty against arbitrary or unreasonable restraint upon the right to contract. Lochner v State, 198 US 45, 49 L Ed 937, 25 S Ct 539; Moore v Grillis, 205 Miss 865, 39 So 2d 505, 10 ALR2d 1425; State ex rel. Davis-Smith Co. v Clausen, 65 Wash 156, 117 P 1101. The right granted by a statute to vary the operation of the statute in particular respects by agreement. UCC § 1-102(3)4).

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

  • liberty of contract — liberty of contract: freedom of contract Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • liberty to contract — See liberty of contract …   Ballentine's law dictionary

  • liberty of contract — freedom of contract …   Useful english dictionary

  • liberty — lib·er·ty n pl ties 1 a: freedom from external (as governmental) restraint, compulsion, or interference in engaging in the pursuits or conduct of one s choice to the extent that they are lawful and not harmful to others b: enjoyment of the rights …   Law dictionary

  • contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… …   Law dictionary

  • liberty — Freedom from all restraints except such as are justly imposed by law. Freedom from restraint, under conditions essential to the equal enjoyment of this same right by others; freedom regulated by law. The absence of arbitrary restraint, not… …   Black's law dictionary

  • liberty — Freedom from all restraints except such as are justly imposed by law. Freedom from restraint, under conditions essential to the equal enjoyment of this same right by others; freedom regulated by law. The absence of arbitrary restraint, not… …   Black's law dictionary

  • contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… …   Black's law dictionary

  • contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… …   Black's law dictionary

  • CONTRACT — (Heb. חוֹזֶה, ḥozeh), in general law theory a legally binding agreement between two or more parties, in terms of which one party undertakes for the benefit of the other to perform or refrain from a certain act. As such, contract is the main… …   Encyclopedia of Judaism

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