Русско-англо-русский юридический словарь

Freedom of contract is the freedom of individuals and groups (such as corporations) to form contracts without government restrictions. This is opposed to government restrictions such as minimum wage, competition law, or price fixing. Through freedom of contract, individuals entail a general freedom to choose with whom to contract, whether to contract or not, and on which terms to contract. (Wikipedia)

In some countries (in particular the Scandinavian countries) industrial relations are to a very high degree regulated by the labour market parties themselves (self-regulation) in contrast to state regulation of minimum wages etc. (Wikipedia)