Adams and Brownsword explored this aspect of contract law in a article. Adams and Brownsword identified two basic philosophies, Market-individualism and Consumer-welfarism. This theory encapsulates the principles of freedom of contract and also caveat emptor. One example of this is in purchasing a house. The seller is not legally obliged to tell the buyer about matters that may materially affect the value of the property e. The other aspect of market-individualism is that contracting parties should be free to make their own bargains without the interference of the court.
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Chapter 1 'What is law?', in: Understanding law
Understanding law by adams and brownsword pdf