A gentleman`s agreement, defined in the early 20th century as “an agreement between men who were committed to controlling prices,” has been called by one source the loosest form of “pool.” [4] It has been reported that such agreements are found in all kinds of industries and are numerous in the steel and steel industry. [4] For an agreement to be binding, English contract law must intend to create legal relationships; but in trade (i.e. agreements that are not concluded between family members or friends), there is a legal presumption of “willingness to create legal relationships”. In the 1925 case of Rose & Frank Co v. JR Crompton & Bros Ltd, however, the House of Lords found that the phrase “This agreement is not. a formal or legal agreement. . . .