ABSTRACT
The Second Restatement of Contract Law of the United States has provided a classic definition for the modern contract. That is, the so-called contract is one or a series of promises, where law grants remedy for failure to perform the contract or acknowledges the performance of the contract as an obligation in some sense. From the perspective of sociology, a contract boils down to considerations of all kinds of relations between parties in the process of future exchanges. A relational contract is interlinked with customs, social exchanges, and expectations for the future, and thus forms an interconnected chain, which is protected by the performance of contracts and the settlement of disputes. Relational contract theory can be discussed together with the virtues of parties to a transaction and opportunities for making investment decisions, as well as forms of organization of enterprises. Relational economic activities between market and enterprises are the most fertile ground for the growth and development of relational contracts.
