We will not lie, cheat, or steal, or tolerate among us those who do.
-AFROTC Cadet Honor Code
Honor codes, as an institution, have been an essential part of military training, especially for young officer candidate programs. Recently, they have been imposed more rigorously onto civilian educational institutions; although several key features of the honor code have not carried over.
The honor code is not a contract between "adults" and "children". Probably the biggest failure of the institutional use of the honor code is simply this. One cannot say, "You must tell me every time you take a test that you did not cheat." This very clearly sets up a duress situation. If a group is expected to uphold an honor code, then they are adults.
The honor code is not a weapon. You discover that someone has stolen $20 from the group fund. In an effort to determine who it is, you ask each member of the group, "Did you steal the money? Don't lie, you're under the honor code!" The correct answer to you is, "Fuck off. That's an improper question."
Your honor is your own.