Contractual freedom and market law

Abstract

The contract emerges as a means of exchanging wealth and a fundamental mechanism of economic activity. Consequently, contractual freedom is a cornerstone of economic liberalism. Market law is established by regulatory authorities such as the Stock Exchange Regulation and Supervision Commission and the Competition Council. While the objective of market law is to ensure the smooth functioning of the market, it necessitates imposing constraints that infringe upon contractual principles. This legal intervention in the actions of parties restricts contractual freedom to adapt to a market economy. It must be emphasized that the market cannot function without contracts, and a market economy cannot exist without free competition. At the same time, contractual freedom cannot be disregarded. Given this equation, contractual freedom becomes essential for free competition. The subjection of contractual freedom to market requirements results in the protection of the market through its smooth and efficient operation, as well as the protection of economic actors.