Legal Question in Business Law in New York

Re: Is a contract legal and binding between two business partners even without a

The answer is yes. There is no requirement that a contract be drafted by a lawyer or explained by a lawyer. Lawyers virtually never sign contracts drafted for their clients' benefit.

Having said that, there are usually quite a lot of problems with contracts that aren't drafted by lawyers, because they are often missing key components or do not address topics that experienced lawyers would recognize need to be addressed.

Re: Is a contract legal and binding between two business partners even without a

I agree with Asi, as to both the legality and the concern that, depending upon the subject matter and depth you covered it, having an attorney at least review it and comment, would be better, to protect both sides. Frequently the parties cover the basics, but many nuances are not covered, which if covered may eliminate questions or possible litigation later over the meaning and interpretation.

Re: Is a contract legal and binding between two business partners even without a

As long as the subject matter of the contract is legal, the terms of the contract are unambiguous, andthe contract includes the valid elements of a contract (offer, consideration and acceptance) and there is no public policy reason for the contract not to be enforced, it is valid, whether or not a lawyer drafted or reviewed it, however having a lawyer (or really each side having a lawyer represent) alleviates many of the compliactions in proving a contract valid.

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