Solution for Business Law in Canada 11th Edition Chapter 6, Problem 1

by Richard A. Yates
585 Solutions 16 Chapters 75454 Studied ISBN: 9780133847130 Business Law 5 (1)

Chapter 6, Problem 1 : 1. What is meant by “freedom of contract?”...

1. What is meant by “freedom of contract?” Explain the impact of this principle on the development of contract law. What are two types of restrictions on this principle?


Step-By-Step Solution

1. Freedom to contract assumes that both parties are in an equal position to bargain the terms of their contract. From this principle the courts have developed a hands-off approach to the contractual relationship allowing the parties to determine the nature of their own agreement and refusing to protect either party from a bad deal. This has not been a fair reflection of the relationships that have been created in modern times because of the relative power of large retail organizations over consumers, and so today a considerable body of consumer protection legislation has been created to cover these situations.


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