Freedom to contract Flashcards
1
Q
What does modern contract law have its origins in?
A
Nineteenth-century theory of laissez faire economics
2
Q
What is the fundamental basis of contract law? (3)
A
Voluntariness, the freedom to contract and the consequent development of rules and principles to formalise these voluntary arrangements
3
Q
What does maxim caveat emptor mean?
A
‘let the buyer beware’
4
Q
Why did the government begin to develop consumer protection rules?
A
As big businesses had more power and this became unworkable and unfair on the weaker party, usually the consumer.
