In this article, we apply a social exchange theoretical approach to the study of rejection. We investigate how the explicit refusal and acceptance of offered resources affect reciprocal exchanges. We distinguish contexts with explicit communication of refusal from contexts in which refusal is uncommunicated or concealed and investigate how context and the actual experience of refusal affect reciprocal social exchange behaviors and the emergence of social bonds. We also examine the effects of contexts and experiences of communicated acceptance. Results of a controlled laboratory experiment show that the contextual possibility of refusal increases giving but nevertheless weakens emerging social bonds. Experiencing refusal increases self-isolation but also, under certain conditions, greater investment in alternative relationships. The contextual possibility of acceptance, on the other hand, has little effect on giving behaviors or social bonds. The experience of acceptance, however, may reduce partner switching.