ABSTRACT
Contracts define the terms under which people enter into relationships with one another. Some contracts are explicit, such as rental agreements between tenants and landlords, or lending agreements between bankers and borrowers. Others are implicit, such as the common understandings that a couple brings to a marriage. Still others occupy a middle ground: employment contracts are usually explicit about some matters, such as the number of hours to be worked, but rather vague about others, such as the relationship between performance and pay.
