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Gentleman's Agreement |
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Gentleman's Agreement 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. Notes: 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. |
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When I began my career, we were in the realm of gentlemen's agreements between companies," he said. Businesses now see regional countries more like states, and prefer to forge alliances to maintain those gentlemen's agreements that existed among them before. |
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gentlemen's agreements
