I'd say you are correct. 'Honor', or 'Noble Action', generally advises people not to be dishonest in their dealings. Out and out lying is not usually done by people; evasion and prevarication certainly is, but fraud and the like is not as the consequences of getting caught are normally pretty severe. And, one tries not to place one's associates in positions where they would have to lie, either; I do not ask Gronan about the secrets of his clan or temple, and he doesn't ask me awkward questions as well. there may very well be situations where one has to outright lie, but there had better be pretty compelling reasons why one has to. For example, I'd expect a prisoner to lie to me about his associates to protect them; I'd normally just smile, and get the information some other way.
Between persons who trust each other, it's 'word is bond'; with people one does not trust, the agreements can get pretty elaborate, with documents, witnesses, third-party 'referees', and all sorts of other complications. Same thing for the 'spirit'/'letter' of the agreement - it's all about how far you trust them. If I was negotiating with a 'friendly', things would be to the spirit; with a 'hostile', to the 'letter'.
Generally, an honorable person says nothing in this kind of a situation - the running joke in Phil's game sessions was to say "I admire the fine Engsvanyali traceries in the ceiling carvings..." Prevaricate, tap-dance, misdirect, but don't lie. Getting caught can mean anything from a smile-with-apology to paying shamtla to a fatal duel in the arena, depending on how bad the lie hurts somebody.
Generally, clans will prefer that one not lie; it's bad for the clan's reputation, and it will hurt the clan's business and social standing. Harchar may be a buccaneer and smuggler, and the despair of the Blazoned Sail clan, but he's an honest buccaneer and smuggler and can be trusted to deliver the (usually highly illegal) goods. Arneson was very proud of the fact that he never lied to a customs official - he could wheedle a duck off a tarn, to quote my Scots ancestors...
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