What does relational contract mean?
Definitions for relational contract
re·la·tional con·tract
This dictionary definitions page includes all the possible meanings, example usage and translations of the word relational contract.
Wikipedia
Relational contract
A relational contract is a contract whose effect is based upon a relationship of trust between the parties. The explicit terms of the contract are an outline implicit terms and understandings that determine the behaviour of the parties.
Wikidata
Relational contract
A relational contract is a contract whose effect is based upon a relationship of trust between the parties. The explicit terms of the contract are just an outline as there are implicit terms and understandings which determine the behaviour of the parties. Relational contract theory was originally developed in the United States by the legal scholars Ian Roderick Macneil and Stewart Macaulay. According to Macneil it offered a response to the so-called “Death of Contract” school’s nihilistic argument that contract was not a fit subject for study as a whole; each different type of contract could be studied individually, but not “contracts-in-gross”. Macneil explains that this is only one of a number of possible relational theories of contracts, and accordingly renamed his own version “essential contract theory”. Relational contract theory is characterized by a view of contracts as relations rather than as discrete transactions. Thus, even a simple transaction can properly be understood as involving a wider social and economic context. For instance, if A purchases a packet of cigarettes from a shop he has never been into before and will never enter again, that seems quite discrete.
Numerology
Chaldean Numerology
The numerical value of relational contract in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of relational contract in Pythagorean Numerology is: 3
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"relational contract." Definitions.net. STANDS4 LLC, 2024. Web. 27 Apr. 2024. <https://www.definitions.net/definition/relational+contract>.
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