In the automotive industry, Japanese manufacturers agreed that no production car would have more than 276 hp (206 kW; 280 hp); the agreement ended in 2005.  German manufacturers limit the maximum speed of high-performance sedans and station wagons to 250 kilometers per hour (155 mph).    When the Suzuki Hayabusa motorcycle exceeded 310 km/h (190 mph) in 1999, fears of a European ban or crackdown prompted Japanese and European motorcycle manufacturers to agree on an upper limit of 300 km/h (186 mph) at the end of 1999.  See the list of the fastest production motorcycles. 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.“  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.  A legally valid contract contains an offer, consideration, acceptance and intent. An offer means a promise that is exchanged for a performance. Consideration means exchanging something valuable between the two parties. Acceptance occurs when both parties accept the offer. The intention is when both parties decide to make the agreement legally enforceable. What made you decide to look for a gentleman`s agreement? Please let us know where you read or heard it (including the quote if possible).
The full definition of Gentleman`s Agreement can be found in the dictionary of English language learners You must apply your best judgment as to the person with whom you choose a gentleman`s agreement. We`re not cynical, but we know it`s best to protect you and the other party. Sometimes gentleman`s agreements fail. Most verbal agreements are unenforceable in a courtroom. The courts disapprove of hearing cases for lack of evidence. If you make a gentleman`s agreement with an honest gentleman, you will never have this problem. For an agreement to be binding in English contract law, the intention must be to create legal relationships; but in business transactions (i.e. agreements that are not concluded between family members or friends), there is a legal presumption of an „intention to create legal relationships“.
However, in the 1925 Rose & Frank Co v JR Crompton & Bros Ltd case, the House of Lords noted that the phrase „This agreement is not. a formal or legal agreement.