In the old days a man's word was his bond, and I don't think that applies as much today.
I think society has changed over the last half century, perhaps through an increase in materialism, affluence, litigiousness, etc. And I think one needs to be more cautious these days in lending money.
I recall being told about stories in the early Western Canadian oil patch, where a person would phone a friend or associate on Friday afternoon and invite him to take a piece of a well, explaining that the well would be down over the weekend, and there was a risk that it would be a dry hole. If the person said he was in, his share was secure should it be a producer. In the event it was a dry hole, a cheque was received Monday morning for his share of the abandonment. This was all done without a shred of paper.
Now you need an armload of signed agreements before you would attempt such a thing.
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