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Gentlemans agreement

Gentleman’s Agreement Introduction The Business Dictionary (2008, pg s that a gentleman’s agreement is an ” informal, oral understanding resting on the sense of personal honor of the involved parties. Generally, such agreements are not enforceable through courts.” The purpose of this paper is to give an example of a gentleman’s agreement, apply this concept to different types of people, and use specific examples and explanations to illustrate the point.

Definitions and Examples

The Free Dictionary also offers a slightly more technical definition, along with an example. ” An unwritten agreement or transaction backed only by the integrity of the counterparty to actually abide by the terms of the agreement. An agreement like this is not legally binding and could have a negative effect on business relationships if one party decides to default on their promise. For example, if an employee at a company says they will get you a job and you have nothing to worry about, this is an example of a gentleman’s agreement. However if they are unable to get you the job then you have no legal recourse” (Free Dictionary, 2008, pg. 1).
The Law Encyclopedia (2008, pg. 1) says that ” Although agreements between individuals often create legally binding commitments, instances may arise in which mutual promises yield no legally enforceable agreement. Sometimes called ” gentlemen’s agreements,” parties may honor them because moral obligations compel observance or because future relations will be more difficult if the present arrangement is broken. International organizations likewise may depend on such informal arrangements so as to maintain comity among members” and that ” Occasionally the enabling treaties that create an international organization will leave some procedural or voting matter unresolved. Rather than amend the formal document, which is usually a difficult task, an informal working agreement will develop to resolve a particular problem. As long as the consensus holds to honor the informal agreement, there is no need to embody it into a legal document.”
Merriam-Webster (2008, pg. 1) defines the term as ” an agreement secured only by the honor of the participants.” The most common instances of these occurrences occur between friends and business associates. It takes a great deal of trust to enter into such an agreement since there is no legal protection if one party does not follow through. For example, if somebody who owns a house offers a friend a room to rent, but then another tenant moves in, this is an example of a gentleman’s agreement that has been broken. The term has a negative connotation to it for that very purpose.
There are literally tons of examples that one could come up with, but a few will be named here. An oral agreement between friends to purchase a bicycle, a person purchasing furniture from his boss with no contract, and an oral promise to invest in a new business with someone.

Conclusion

The purpose of this paper has been to give an example of a gentleman’s agreement, apply this concept to different types of people, and use specific examples and explanations to illustrate the point. Definitions, examples, and illustrations of this informal agreement have been given in the paper above. According to Encyclopedia Britannica (2008, pg. 1), gentleman’s agreements are ” an agreement secured only by the honor of the participants.

Bibliography

Gentleman’s Agreement.” Law Encyclopedia. 2008. Online. http://www. answers. com/topic/gentlemen-s-agreement-1cat= biz-fin
Gentleman’s Agreement.” Business Dictionary. 2008. Online. http://www. businessdictionary. com/definition/gentlemen-s-agreement. html
Gentleman’s Agreement.” The Free Dictionary. 2008. Online. http://financial-dictionary. thefreedictionary. com/Gentleman’s+Agreement
Gentleman’s Agreement.” Merriam-Webster Dictionary. 2008. Online. http://mw1. m-w. com/dictionary/gentleman’s%20agreement
Gentleman’s Agreement.” Encyclopedia Britannica. 2008. Online. http://www. britannica. com/dictionaryva= gentleman’s+agreement&query= gentleman’s+agreement

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