ANY exchange or production agreement between two or more parties may be viewed as a set of rights and obligations, the degree of their specification enforcement influencing the behavior of the parties to the agreement. While much has now been written on the economic implications of alternative property right configurations and their enforcement and contracting costs,1 relatively little of this literature has examined the implications of "property" arrangements in labor markets.2 An employment relationship, too, may be characterized as a set of rights and obligations, and again a wide variety of possible specifications and degrees of enforcement may apply. The great majority of employment relationships, collective agreements aside, provide relatively broad employer discretion over the timing, content, and assignment of tasks performed by employees3 and leave the employment itself with an unspecified duration or