Believe it or not, the old-fashioned ‘handshake’ began as a means for 2 people to assure one another that neither was carrying a weapon.
Over the years, this simple gesture has evolved into a contractual symbol – or a guarantee – for an oral agreement. But in an era of phone-book sized contracts, fine print and legal battles, does a time-honored handshake deal still carry any weight?
The answer is yes – as long as you can prove it in court.
It’s interesting to note that many powerful people have engaged in handshake deals, from Bill Clinton and Newt Gingrich to Bill Gates and Steve Jobs. But more than likely, these handshake deals were followed by large contracts that outlined key deal points and terms.
If you are the type of person who prefers informal agreements sealed by a handshake, at the very least, have a few people on hand to witness you ’shake on it.’ A handshake deal is always more binding when there are witnesses to the agreement. In other words, avoid agreeing to anything in a dark alley when no one else is looking. Full article.
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