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LSDefine
Simple English definitions for legal terms
gentlemen's agreement
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A quick definition of gentlemen's agreement:
A gentlemen's agreement is a promise made between people without any written contract. It is based on trust and honesty between the parties involved. Even though it is not legally binding, it is still important to keep the agreement as it is based on the honor and integrity of those involved.
A more thorough explanation:
A gentlemen's agreement is an informal agreement between two parties that is not legally binding but is based on trust and honor. It is often used in business or politics as a way to avoid legal contracts or regulations.
- Two companies agree not to compete with each other in a certain market.
- A group of friends agree to split the cost of a vacation rental without signing a formal contract.
- A politician promises to support a certain policy in exchange for support from another politician.
These examples illustrate how a gentlemen's agreement can be used in different contexts. In each case, the agreement is not legally binding, but relies on the trust and integrity of the parties involved. It is important to note that while a gentlemen's agreement may be effective in some situations, it can also be risky as there is no legal recourse if one party fails to uphold their end of the agreement.