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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