2. This is a gentlemen`s agreement between the main regulators, which encourages all countries with international banks, but is subject to national legislation to implement them. The end result may, in many cases, be higher cost or lower quality products for consumers. Worse, a gentlemen`s agreement can be used as a means of promoting discriminatory practices, as in a “network of old boys.” A gentlemen`s agreement, or gentleman`s agreement, is an informal and legally non-binding agreement between two or more parties. It is usually oral, but it can be written or simply understood as part of a tacit agreement by convention or by mutually beneficial label. The essence of a gentlemen`s agreement is that it depends on the honour of the parties for its achievement, rather than being enforceable in one way or another. It differs from a legal agreement or a contract. 4. Indeed, a gentlemen`s agreement for 2010 means that no team uses it, even if that does not mean that it should not return in the future. Gentlemen`s agreements between industry and the U.S.
government were common in the 1800s and early 1900s. The Bureau of Corporations, a predecessor of the Federal Trade Commission, was established in 1903 to investigate monopolistic practices. “Gentleman`s Agreement.” Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/gentleman%27s%20agreement. Access 27 Nov 2020. Until Jackie Robinson was hired by the Brooklyn Dodgers in 1946, a gentlemen`s agreement ensured that African-American players were excluded from organized baseball.  This, in some cases, led to gentlemen`s agreements in which Wall Street financiers, such as J.P. Morgan and his “House of Morgan”, would meet with the bureau to obtain prior authorization for mergers and acquisitions. One such example was the gentlemen`s agreement in which regulators and the president ignored the Sherman Antitrust Act, which allowed united States Steel Corp. to become the world`s first multi-billion-dollar company. A report by the U.S. House of Representatives detailing its United States Steel Corporation investigation stated that in the 1890s there were two general types of associations or bulk consolidations between steel and ferrous interests in which different groups owned ownership, as well as a high degree of independence: the “pool” and the “Gentleman`s Agreement.”  The latter type lacked a formal organisation to regulate production or prices or forfeiture rules in the event of infringement.
 The effectiveness of the agreement relied on members to meet informal commitments.  These sets of examples are automatically selected from different online sources of information to reflect the current use of the word “gentleman`s Agreement.” The opinions expressed in the examples do not reflect the views of Merriam-Webster or its publishers. Send us comments. In English contract law, for it to be binding, an agreement must have the intention of establishing legal relations; but in commercial transactions (i.e. agreements that do not exist between family members or friends), there is a legal presumption of “intent to establish legal relations”. In the 1925 case of Rose and Frank Co. v. JR Crompton – Bros Ltd., however, the House of Lords found that the phrase ” “This regulation is not … a formal or legal agreement … is only a record of the parties` intention “was sufficient to rebut this presumption.  A gentlemen`s agreement is an informal, often unwritten agreement or transaction, which is supported only by the integrity of the other party to effectively comply with its terms.