I think that's the fatal flaw... It attempts at the same time to be a contract and NOT be a contract. If it IS a contract no one will be willing to partake with

I think that's the fatal flaw... It attempts at the same time to be a contract and NOT be a contract. If it IS a contract no one will be willing to partake without legal review, so it loses all the time saving benefits. If it is NOT a contract then its no better than what is done today without all the protocol just with a simple handshake. I think the chief benefit I see is educational for new business people/founders as to what you should and should not consider a 'deal', and what is just networking/bullshit.