We introduce the dimensional approach to assessing psychological contracts that is based on the work of McLean-Parks, Kidder and Gallagher (1998), an inventory for its assessment, and a selection of results. Core dimensions are: focus of the relationship (socioemotional vs. transactional), tangibility, stability, scope (the extent to which the employment relationship encompasses various spheres of life), particularism, and volition. Additional peripheral characteristics are time frame (duration and terminability) and multiple relationships. The factor structure of the core dimensions was found to be stable in two samples. The type of work arrangement determines some, but not all, dimensions of the psychological contract. The dimensions can be arranged as the juxtaposition of relational versus transactional contracts. Although scope, low, tangibility, and tow stability characterize relational contracts, they correlate with less job satisfaction and increased strain. We critically discuss the alleged favorability of relational contracts in contrast to transactional psychological contracts.