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There is no contract at all.
Last year, another employee was called on the phone by the owner while I was sitting there and the owner asked him "Do you have anything to tell me?" the next words out of his mouth were "You have seen things slow down and you have not called me to tell me to decrease your pay, so Your Fired." After he hung up the phone he walked over to me and asked me "Do you have anything to tell me?", in shock and terror of losing my job I responded "I can't afford a reduction in pay". He asked me again "Do you have anything to tell me?" I said "My pay just went down $100 a week". He turned and walked away.
Last Friday when I went to the office, after I arrived, he told me to sit down. Then he said "You have seen things have slowed down and yet, you have the audacity to Not tell me to decrease your pay, so Your Fired."
Keep in mind that my pay was already reduced $100 a week almost a year ago to the day.
How the hell do you react to something like that?
So I got up and left.