This Ronco Principal, as Paul describes it, reminds me of a vision for a world in whereby the contract of a business deal is second to the word of your partners

This Ronco Principal, as Paul describes it, reminds me of a vision for a world in whereby the contract of a business deal is second to the word of your partners & colleagues. Where honor, trust and values trump contracts, laws and lawyers. Why? Not only is this hypothetical business world a more natural and less expensive place to do business, but another advantage is that un-invited third parties can't easily interfere with your deals. Some might say that defining terms on paper creates a record that can be used against you. Shaking hands and trusting in your partners that they will follow through on their word - that type of deal is more difficult for the state to compromise, exploit, or create laws against.