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Handshake Agreements

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A handshake agreement is informal.

A handshake agreement is also known as a verbal, or "gentleman's agreement" and means an informal understanding reached between two parties. A handshake agreement can be made over business or personal matters. It is based on trust and relies on the honor and integrity of the parties involved.

  1. Legal Rights

    • State and federal laws exist to enforce verbal agreements, which represent a contract between two parties. Anyone considering entering into an important verbal contract should seek legal advice.

    Exchanges

    • A handshake agreement is not considered to be a legally binding contract unless a firm offer is made and accepted. Each party must give the other something of value, such as money or even a promise, to seal the agreement.

    Disadvantges

    • Verbal agreements are difficult to prove or enforce if no witnesses are present when the agreement is made. If such cases are contested, it comes down to a case of one party's word against the other.

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References

  • Photo Credit handshake 2 image by chrisharvey from Fotolia.com

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