1. A service contract for managing service transactions between a plurality of parties each having a computer system coupled to a communication network and one or more applications running thereon, the service contract comprising: a specification of unambiguous rules of interaction for the parties during one or more of the transactions, the specification adapted to facilitate the generation of enforcer code associated with the one or more applications of each of the plurality of parties, the enforcer code capable of enabling interaction and enforcing the rules of interaction.