Analysis of the Obligations from Management Contracts Under a Relational Contracts Theory Norms Framework

This paper presents an application of the relational contracts theory and specifically of the theory of norms to a paradigm relation, i.e. a management contract. In this analysis we use MacNeil's norms model and we test in relation to twelve unilateral and bilateral obligations of a standard management contract relation. We examine which norms and to what extent apply to each obligation, while we also discuss relevant literature in relation to each specific application.The scope of this analysis is to underline the value of norms theory particularly and of relational contracts theory in general, in relation to the understanding and definition of the content of contractual implied or explicit obligations existing in relations with a strong element of business cooperation