What Does The Word Gentlemen`s Agreement

A gentleman`s agreement, defined in the early 20th century as “an agreement between gentlemen working on price controls,” has been described by one source as the loosest form of a “pool.” [4] It has been pointed out that such agreements can be found in all types of industries and are numerous in the steel and iron industries. Until Jackie Robinson was hired by the Brooklyn Dodgers in 1946, a gentlemen`s agreement guaranteed that African-American players were excluded from organized baseball.[4] [18] A gentlemen`s agreement is an informal, often un written, agreement or transaction supported solely by the integrity of the counterparty until it is actually contrary to its terms. Such an agreement is usually informal, oral and not legally binding. “Gentleman`s Agreement.” Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/gentleman%27s%20agreement. Accessed November 27, 2020. Gentlemen`s agreements, because they are informal and often un written, do not have the same legal and regulatory protection as a formal contract and are therefore more difficult to enforce. Although agreements between individuals often create legally binding obligations, there may be cases where mutual commitments do not result in a legally enforceable agreement. Sometimes called “gentlemen`s agreements”,” the parties may respect them because moral obligations require compliance or because future relations become more difficult if the current agreement is broken. International organizations may also rely on such informal arrangements to maintain community among members […].