Can A Gentleman`s Agreement Be Enforced

The defendant argued that, at a meeting between the parties, a „gentleman`s agreement“ had been reached, during which the parties had agreed on a discount and a settlement amount for the work already performed by the defendant. The Claimant disputed this assertion and argued that the agreement depended on the confirmation of its Chief Executive Officer (CEO), who was not present at the meeting. Contrary to popular belief, you don`t need to sign a written document to have a legally binding treaty. Gentlemen`s agreements, handshake agreements and verbal agreements can all be legally binding contracts if they meet the following requirements: gentlemen`s agreements are also included in trade agreements and international relations. Gentlemen`s agreements were particularly prevalent at the birth of the industrial age and until the first half of the 1900s, with regulation often falling short of new business practices. It has been found that such agreements are used, inter alia, to control prices and limit competition in the steel, iron, hydraulic and tobacco industries. . . .