Thermodynamic bulk measurements of binding reactions critically rely on the validity of the law of mass action and the assumption of a dilute solution. Yet important biological systems such as allosteric ligand-receptor binding, macromolecular crowding, or misfolded molecules may not follow this fundamental law and require a particular reaction model. Here we introduce a fluctuation theorem for ligand binding and an experimental approach using single-molecule force-spectroscopy to determine binding energies, selectivity and allostery of nucleic acids, proteins and peptides in a model-independent fashion. This work extends the use of fluctuation theorems beyond unimolecular folding reactions, bridging the thermodynamics of small systems and the basic laws of chemical equilibrium.