How did president franklin d. roosevelt describe the notion of a ""liberty of contract

Liberty of contract is a long-forgotten principle that a free person may enter into agreements with another free person as they both see fit. The principle also dictated that neither other persons nor the State should interfere with the agreements.

For a long time, the courts honored liberty of contract, but in the Progressive Era, the State began to assert control over the economy and society. As the State exerted more control, liberty of contract became more curtailed. Liberty of contract was portrayed as the villain in the effort to impose government regulations on nearly everything, but primarily wages, hours of work, and who could legally work. Ultimately, the State prevailed and liberty of contract was rejected in favor of laws and regulations that foreclosed the parameters of individual contracts on the pretext of improving society as a whole.

Today, every contract has three parties: A promisor and a promisee— and the State, which dictates the subject matter, form, and costs of the contract. In short, liberty of contract is dead as a practical matter, and dead as a legal principle. - I hope this helped you.