Implicit contracts are “invisible handshakes” that are not legally binding but are grounded in mutual understanding between the parties of what they expect from each other. These contracts are very common both within the firm (e.g. between managers and employees) and in business...

Implicit contracts are ‘invisible handshakes’ that are not legally binding but are grounded in mutual understanding between the parties of what they expect from each other. These contracts are very common both within the firm (e.g., between managers and employees) and in business...