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.”  It has been reported that such agreements are found in all kinds of industries and are numerous in the steel and steel industry.  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. . . .