But there is a major drawback of gentleman`s agreement. If a party violates the agreement, the aggrieved party (most often) cannot take legal action. Instead, we recommend that you enter into a contract at a good price. For example, you can choose to sublet your room to a friend. Instead of making a gentleman`s agreement, you have a lease that you can both sign. It protects you in the long run if the other party is unable to pay. A good quality contract protects both parties. If you make the right arrangements, both parties will abide by the agreement. This has resulted, in some cases, in gentlemen`s agreements where Wall Street financiers such as J.P.
Morgan and his “House of Morgan” have met with the office to obtain prior authorization for mergers and acquisitions.
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