Businesses Want Contracts; Business People Do Not

David Frydlinger (), Kate Vitasek (), Jim Bergman () and Tim Cummins ()
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David Frydlinger: Cirio Law Firm
Kate Vitasek: University of Tennessee at Knoxville
Jim Bergman: Commercial Officers Group, Inc
Tim Cummins: World Commerce & Contracting

Chapter Chapter 3 in Contracting in the New Economy, 2021, pp 39-44 from Springer

Abstract: Abstract As the book focuses on the Science of Contracting, in this chapter, the key point is asserted that Businesses Want Contracts; Business People Do Not. Business people, at least most of them, prefer to develop relationships and follow social norms. So, Relational Contracting as an integrative effort bringing together contract documents, relational aspects, and social norms is an approach which addresses and satisfies an array of objectives. The answer, as well as answers to other related questions, lies in Stewart Macauley’s research. Macauley, along with a cadre of other contracting and commercial scholars, explored and wrote about Relational Contracting in the 1960 s. This led to several insights that continue to apply to current commercial contracting and relationship practice. One of the key questions Macauley explored was: If business people didn’t like contracts, why did they still use them? The answers to this question receive significant attention in this chapter.

Date: 2021
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DOI: 10.1007/978-3-030-65099-5_3

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