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no. there needs to be some form of paperwork/money exchange hands in order to make a contract,
It is in the State of New York...according to Ross Geller
Yes. I promise.
It is very hard to prove if you have to go to court but yes initially it is legal if both parties have agreed to it.
Yes, it is legally binding, with few exceptions.

Of course if it is not written it is difficult to prove what the contract was in the even of a dispute.
It's as binding as the piece of paper it's written on! JD

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