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International In-house Counsel Journal logoInternational In-house Counsel Journal logo

Contracts as a Learning Cycle

April 2024
ContractGeneral

Abstract

Not all contracts are the same. In fact, a strategic goal among business people is to develop what are called relational contracts. Relational contracts reside at the opposite end of a spectrum in relation to transactional contracts. Transactional contracts are short-term, template-driven, focus on legalese, and do not intend to create a lasting relationship in business that is centered on mutually reinforcing values. The rates of substitution and turn-over are high in transactional contracts. Think of a car rental agreement.

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Author

Portrait image of David Orozco
David Orozco
Bank of America Professor of Business Administration, Florida State University, USA

Professor Orozco lectures to and collaborates with innovators in the legal, technology, and publishing sectors. His award-winning college textbook Business Law and Strategy (2nd Edition) has been adopted by more than 100 universities in the U.S. and internationally.

Company

Florida State University

Florida State University is a major research university with an annual operating budget of more than $2.5 billion USD.

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