3 way agreement, two licensors one licensee?

[gradualgames]

I have almost zero experience figuring out legal agreements between individuals. If me and two other people all wrote down terms we like on a document, all sign it and all posess a copy of the signed document, is this enforcible by law? How deep should I go with this? I called a law firm about this and it was going to be hundreds of dollars, problem is this particular business endeavor can't support fees like that. It's mainly a hobby endeavor, but I still want to protect myself as best I can. There is the outside possibility it will do really well and transition from a hobbyist endeavor to something bigger.

 

[quincy]

I have almost zero experience figuring out legal agreements between individuals. If me and two other people all wrote down terms we like on a document, all sign it and all posess a copy of the signed document, is this enforcible by law? How deep should I go with this? I called a law firm about this and it was going to be hundreds of dollars, problem is this particular business endeavor can't support fees like that. It's mainly a hobby endeavor, but I still want to protect myself as best I can. There is the outside possibility it will do really well and transition from a hobbyist endeavor to something bigger.

If the three of you draw up your own agreement, with terms you are all comfortable with, and these terms are clear and easy to understand by all, and the three of you each date and sign this agreement with copies for all, then it can be an enforceable agreement.

If you have a lot riding on this agreement, however, it is wise to have it reviewed by an attorney in your area, to make sure it will stand up to a court challenge. It is not unusual to have parties to an agreement have a falling out, with one party wanting to bail at some point in time.

Perhaps you can locate a free or low-cost legal aid clinic to do the review.

Good luck.