Term for Unwritten Agreement

As a copy editor with experience in search engine optimization, I am often asked to write articles on a variety of topics. One such topic that I have recently been asked to cover is the term for an unwritten agreement.

An unwritten agreement is an agreement that has been made verbally or through actions, but has not been formalized with a written contract. It is also known as an “implied contract” or a “gentlemen’s agreement”. These types of agreements are often used in informal settings, such as between friends or family members, or in business partnerships where there is a high level of trust.

The term “implied contract” refers to an agreement that is not explicitly stated, but is implied by the actions of the parties involved. For example, if a person hires a contractor to build a house, the contractor is expected to complete the work in a timely manner and to a certain standard of quality. Although this agreement is not written down, it is understood by both parties and is legally enforceable.

A “gentlemen’s agreement” is a type of unwritten agreement that is based on trust and mutual understanding. It is often used in business dealings where the parties involved have a long-standing relationship or have worked together in the past. For example, if two business partners agree to split profits evenly, this agreement may be made verbally and without a written contract. Although it is not legally binding, it is generally honored by both parties.

In some cases, unwritten agreements can be difficult to enforce. Without a written contract, it may be difficult to prove the terms of the agreement or to show that both parties agreed to the same terms. In situations where there is a dispute, it may be necessary to rely on witness testimony or other evidence to support the existence of the unwritten agreement.

In conclusion, the term for an unwritten agreement can vary depending on the context. It may be referred to as an “implied contract” or a “gentlemen’s agreement”. While these types of agreements can be useful in certain situations, it is important to recognize that they may not always be legally enforceable. As such, it is always recommended to have a written contract in place when possible to avoid any potential misunderstandings or disputes.