'Internship Agreement' not 'Internship Contract' ?

Been offered a 6 month internship, with the catch being there's no contract. They've attached an example of what they're posting to me and it states clearly that it isn't a legally binding contract and is based on 'honour.' It mentions salary and looks like a contract, except the word contract has been replaced by agreement.

Has anyone ever heard of anything like this?

 

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Those who can, do. Those who can't, post threads about how to do it on WSO.

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