Any legally enforceable agreement is, by definition, a contract, and it's a dangerous misconception that contracts aren't binding unless money changes hands [1]

Any legally enforceable agreement is, by definition, a contract, and it's a dangerous misconception that contracts aren't binding unless money changes hands [1]. IANAL, but the ones I've hired have always been very clear on this point. [1] http://en.wikipedia.org/wiki/Peppercorn_(legal) http://en.wikipedia.org/wiki/Peppercorn_(legal)