Contracts are meaningless in many countries. I think it is mainly a US concept that a contract is actually worth everything, based on the litigious (sp?) society there.

I would much prefer to have a good personal relationship with my employer than a good contract. Any work disputes I've had have been resolved (or fought out) face to face. I think I would probably wet myself laughing if any of my bosses over the past 8+ years had waved my contract at me during negotiations.

This of course is when I even had a contract.