When it comes to agreements, there are two types: explicit and tacit. Explicit agreements refer to written or verbal contracts that clearly state the terms and conditions. On the other hand, tacit agreements are unwritten and are based on a mutual understanding or implicit agreement between two parties.
A tacit agreement is often referred to as a “gentleman`s agreement” or “verbal agreement.” It is a type of agreement that is not legally binding but still holds significant weight in certain situations. It is typically an agreement that is based on trust, respect, and a shared understanding between two parties.
A tacit agreement can arise in various situations, such as business dealings, personal relationships, or even in everyday life. For example, when a customer enters a store and picks up a product, they tacitly agree to pay for it at the cash register. Similarly, when a person enters a relationship, they tacitly agree to be faithful and loyal to their partner.
While tacit agreements may not be legally binding, they are still essential to maintaining healthy business and personal relationships. They help establish trust and respect between two parties, and they also serve as a basis for future interactions. In some cases, tacit agreements can even lead to more formal written agreements down the line.
However, it is important to note that tacit agreements can also be risky. Because they are not legally binding, there is a risk that one party may not uphold their end of the bargain. In these situations, it can be difficult to enforce the agreement or seek legal recourse.
In conclusion, a tacit agreement is an unwritten agreement based on a mutual understanding or implicit agreement between two parties. They are not legally binding but hold significant weight in certain situations. While tacit agreements can help establish trust and respect between two parties, they can also be risky. It is always best to put important agreements in writing to avoid any misunderstandings or potential conflicts down the line.