In some cases, these are gentlemen`s agreements in which Wall Street financiers, such as J.P. Morgan and his “House of Morgan,” would meet with the bureau to obtain prior authorization for mergers and acquisitions. One such example was the gentlemen`s agreement in which regulators and the president ignored the Sherman Antitrust Act, which allowed united States Steel Corp. to become the world`s first multi-billion-dollar company. Gentlemen`s agreements have often been concluded in international trade and international relations, as well as in most industries. Gentlemen`s agreements were particularly prevalent at the birth of the industrial era and well beyond the first half of the 200th year, as regulations often delayed new business practices. It was found that such agreements were used, among other things, to control prices and limit competition in the steel, iron, water and tobacco industries. Gentlemen`s agreements have come to regulate international activities as the coordination of monetary or trade policies.  According to Edmund Osmasczyk in the United Nations Encyclopedia and International Agreements, it is also defined as “an international term for an oral and unwritten but fully valid agreement.”  This type of agreement may allow a nation to circumvent national legal requirements to enter into a formal contract or it may be useful for a government to want to enter into a secret agreement that does not engage the next government.  According to another author, all international agreements are gentlemen`s agreements because, just before the war, they are all unenforceable.  Osmaczyk noted that there was a difference between gentlemen`s open agreements and secret diplomatic agreements.
 In the United States, in 1890, the prohibition of gentlemen`s agreements was introduced in interstate trade relations because the secrecy of these agreements was beyond anyone`s control.  In many cases, the end result may be a higher cost or lower quality products for consumers. Worse, a gentlemen`s agreement can be used as a means of promoting discriminatory practices, as in a “network of old boys.” Sometimes the enabling contracts that create an international organization are not resolved on certain procedural or voting issues.