Relational contract

A relational contract is a contract whose effect is based upon a relationship of trust between the parties. The explicit terms of a relational contract are an outline: implicit terms and understandings that 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. Richard Austen-Baker has more recently proposed a developed version of relational contract theory, called "comprehensive contract theory".