1. THE CONCEPT OF FREEDOM OF CONTRACT. The doctrine of freedom of contract exists at common law which is to the effect that parties should enter the market and choose their fellow contractors with the terms and conditions they agree…

Introduction Regulation involves guiding market entities to follow norms set by a regulatory authority, which establishes standards, guidelines, and penalties for non-compliance. The theory of regulation ranges from strict to liberal approaches. Strict regulation strictly adheres to laws, moderate regulation…