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freedom of contract: a power or right to contract and freely determine the provisions of contracts without arbitrary or unreasonable legal restrictions esp. as guaranteed under the contract clause of Article I, Section 10 of the U.S. Constitution called also freedom to contract liberty of contract
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.