What is "freedom of contract"

n. The right of individuals to bargain freely among themselves the terms of their own contracts, without government interference.

Freedom of contract is the freedom of private or public individuals and groups (of any legal entity) to form contracts without government restrictions. This is opposed to government restrictions such as minimum wage, competition law, or price fixing. The freedom to contract is the underpinning of laissez-faire economics and is a cornerstone of free-market libertarianism. Through freedom of contract, individuals possess a general freedom to choose with whom to contract, whether to contract or not, and on which terms to contract.