People face various needs both in their personal and
professional lives every day. These needs can be overcome by debt
relationships with others, often by establishing contracts.
Contracts are legal transactions which create debt relationships
between parties by the declaration of mutual agreement and consent.
According to the Turkish Code of Obligations (Law no. 818)
("TCO"), in signing a contract parties
are free to choose the contracting party and determine the subjects
of the contract. This is called the principle of freedom of
contract. This freedom, as will be explored below, is not
unlimited.
A contract consists of enforceable obligations that have been
voluntarily assumed. Thus, one of the essential elements of a
contract is an agreement. There is an agreement when the parties
lead one another to believe reasonably that they are of the same
mind about a given transaction. This point is reached by an offer
from one side, and evident acceptance of the offer on
