The Gentlemen`s Agreement Definition

A gentleman`s agreement, which is rather a point of honor and labeling, relies on the indulgence of two or more parties in the performance of spoken or tacit obligations. Unlike a binding contract or legal agreement, there is no legal remedy for breaching a gentlemen`s agreement. “Gentleman`s Agreement.” Merriam-Webster.com dictionary, merriam weaver, www.merriam-webster.com/dictionary/gentleman%27s%20agreement. Retrieved November 27, 2020. A gentleman`s agreement, defined in the early 20th century as “an agreement between men who were committed to controlling prices,” has been called by one source the loosest form of “pool.” [4] It has been reported that such agreements are found in all kinds of industries and are numerous in the steel and steel industry. [4] See the full definition of gentleman`s agreement in the Learners Dictionary In the automotive industry, Japanese manufacturers have agreed that no production vehicle will exceed 276 hp (206 kW; 280 hp); the agreement ended in 2005. [6] German manufacturers limit the maximum speed of high-performance sedans (sedans) and station wagons to 250 km/h (155 mph). [7] [8] [9] When the Suzuki Hayabusa motorcycle surpassed 310 km/h (190 mph) in 1999, fears of a European ban or severe repression led Japanese and European motorcycle manufacturers to agree on a cap of 300 km/h (186 mph) in late 1999. [10] See the list of the fastest production motorcycles.

An intense anti-Japanese atmosphere developed on the west coast. U.S. President Theodore Roosevelt did not want to upset Japan by legislating to ban Japanese immigration to the United States, as happened with Chinese immigration. Instead, there was an informal “gentlemen`s agreement” (1907-8) between the United States and Japan, with Japan ensuring that there was very little or no movement toward the United States. The agreements were reached by US Secretary of State Elihu Root and Japanese Foreign Minister Tadasu Hayashi. The agreement prohibited the emigration of Japanese workers to the United States and annulled the segregation order of the San Francisco School Board in California, which had humiliated and upset the Japanese. The agreement did not apply to the territory of Hawaii, which was then treated separately and separately from the United States. The agreements remained in effect until 1924, when Congress banned all immigration from Japan. [11] A similar anti-Japanese atmosphere in Canada also led to the Hayashi Lemieux Agreement, also known as the “gentlemen`s agreement of 1908,” with substantially similar clauses and effects.

[12] Gentlemen`s agreements between industry and the U.S. government were commonplace 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. In many cases, the end result may be higher costs or poor quality products for consumers. Worse still, a gentlemen`s agreement can be used as a means of promoting discriminatory practices, such as in an “Old Boy`s” network. Gentlemen`s agreements have often been concluded in international trade and relations, as well as in most sectors.. . .

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