This is a subscriber-only article. Join Entrepreneur+ today for access

Already have an account?

For Subscribers

The Ethics Coach on Verbal Agreements, Ghostwriting and More Digging into the nuances of verbal agreements, the scary side of ghosting and working for the competition.

By Gael O'Brien • Nov 4, 2013

Share

Opinions expressed by Entrepreneur contributors are their own.

Do you have an ethical dilemma?
Write to The Ethics Coach at ethics@entrepreneur.com.

Q: When you close a deal verbally, shake on it and confirm the conversation by e-mail, are both parties legally, morally and/or ethically bound to it? What is one's word worth?

A: The worth of a person's word is revealed over time. Reneging on a promise drives the value of reputation down.

Editor's Pick

'I Haven't Ticked All the Boxes Yet.' Hilary Duff Reveals Her Next Venture After More Than 2 Decades in the Spotlight — and the Surprisingly Relatable Key to Her Enduring Success
She Had Side Hustles Flipping Beanie Babies and Christmas Presents. Then the 'Unconventional' Path Led to a Multimillion-Dollar Company of Her Own.
She Wrote An 'Escape Plan' to Quit Her Job and Move to an Island. Now She's There Generating Nearly $300,000 A Year.
These Are the Elite PR Secrets You Must Know to Get Noticed — and Escape Backlash, According to an Expert Who Helps Celebrities Do Just That
She Started a Furniture-Flipping Side Hustle to Pay Off a $10,000 Dental Bill. It Surpassed Her Full-Time Job's Income Within a Year — Earning Up to $37,000 a Month.
6 Surprising Psychological Tricks the Best Advertisements Use

Related Topics

Legal Ethics Competition Client Relationship Management Grow Your Business Business Management

Most Popular

Living

Discover Your New Favorite Show or Movie with This App, Now $39.99 for Life

Think of this app as your very own, personalized guide to streaming film and TV.

By Entrepreneur Store

Business News

McDonald's Is Making a Major Change to Its Burgers in 2024

The beloved Big Mac will also be getting a big makeover.

Living

Put Something Sparkly Under the Tree with This Swarovski Jewelry Set for Only $129.99

These three Swarovski jewelry pieces can make an ideal gift.

By Entrepreneur Store

Thought Leaders

3 New Ways to Develop Laser-Like Focus

To boost focus in the face of distractions, you need a new approach to success.

Growing a Business

Serial Entrepreneur Turned VC Reveals 4 Numbers You Need to Know to Scale Your Company

If you're looking to attract investment or simply seeking to scale your business, there are four key numbers you should use as your guiding light.

By Donna Harris

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.

By The Staff of Entrepreneur Media, Inc.