Directions:Choose the correct meaning of the following maxims:Q. Pacta...
Meaning of the maxim "Pacta dant legem contractui"
Introduction:
The maxim "Pacta dant legem contractui" is a Latin maxim used in contract law. It means that the agreement between the parties constitutes the law of the contract.
Explanation:
The maxim "Pacta dant legem contractui" implies that the terms of a contract are the law between the parties. This means that the parties are free to agree on the terms of their contract, as long as they are not in violation of any laws or public policy.
The maxim is important because it recognizes the principle of freedom of contract. This means that parties are free to enter into a contract on their own terms, without interference from the state or other parties.
Example:
For example, if two parties enter into a contract to purchase a car, they are free to negotiate the terms of the agreement. They can agree on the purchase price, the delivery date, and any other terms they wish to include in the contract. Once the parties have agreed on the terms, those terms become the law of the contract.
Conclusion:
In conclusion, the maxim "Pacta dant legem contractui" means that the parties to a contract are free to agree on the terms of their agreement, and those terms become the law of the contract. This maxim is important because it recognizes the principle of freedom of contract and allows parties to negotiate on their own terms.
Directions:Choose the correct meaning of the following maxims:Q. Pacta...
Rationale: Pacta dant legem contractui – The stipulation of parties constitute the law of the contract.