Of particular concern in the literature on business is the importance of trust and the disabling consequences of broken trust on business partnerships. Chapter 3 draws on extensive interviews in exploring the issue of trust, and reports novel findings which lead to new theoretical formulations. It has been central in sociological understanding that embeddedness in social and business exchanges generates and maintains interpersonal trust. Should opportunistic behaviour or violation of trust occur it is routinely assumed that such breaches would be exposed or punished, including reputation loss and exclusion from future exchange opportunities. What is less explored is that breaches of trust in many instances may not lead to disclosure of such a behaviour or termination of exchange relationships. Chapter 3 expands our understanding of broken trust. It identifies and explores mechanisms which operate in avoidance of confrontation, exposure and retaliation in instances of breaches of trust and also strategies employed by entrepreneurs in continuation of exchange relationships with violators of trust. The chapter examines underexplored aspects of the complexity and dynamics of business exchange relations and points to a rethinking of trust and social exchange.