Theoretical foundations of contractual relationship development

In the article the author represents theoretical aspects of the contractual relationship development, analyses various interpretations of the notion “contract” as an economic category, considers the interrelation of the contract and transaction costs and specifies forms of the transaction management: classical, neo-classical and “attitudinal” contractions. It enables to give a more clear definition to the notion “contract”. Since institutional analysis has taken a firm place in modern economic theory, the information asymmetry, imperfections of property rights, the bounded rationality of interaction participants – all these characteristics of real relationships are taken into consideration in the course of formal study and economic interaction modelling which are reflected in the contracts.

contract, classical contraction; neo-classical contraction; attitudinal contraction; transaction costs; transaction, economic agents