Hello and thank you for allowing me the opportunity to assist you.Unfortunately, it is not as simple as just having him sign a document that promises to give you a percentage. That would not likely constitute a legally enforceable contract. The issue is that a contract is not created unless there is an exchange of promises. For example, if you get a car loan, the lender promises to give you the money, and you promise to repay it with interest. On the other hand, if somebody signs a document stating that they'll give you money, and you promise nothing in return, then that is not a contract, and the person can ignore the document. If you were to sue and claim a breach of the document, you would lose. In this case, it is unclear what you would be offering in exchange for the percentage. But there may be different methods of dealing with the situation. For example, the agreement could state that he is buying the idea from you for a certain percentage. That is likely the best option.The agreement could state that you both acknowledge that the idea was yours, and that your friend is purchasing the rights to use the idea for a certain percentage of his profits, and that you agree to forever hold him harmless for using the idea. If the agreement states something to that effect, and you both sign it and have it notarized, then that should be sufficient to protect you both.Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated.Thank you for using our service!
Awesome... !!! I really don;t like the idea of joining a membership for legal advice... but i don't mind paying.... I was wondering if i should put things in the document like if he changes his name or if he sells the patent to someone else if my document carries over... anyway... thank you for your help
Awesome.... How much do you charge to help write up document>? this is great info. :)
i dont know if i just ended our conversation by giving you a rating.. :( thank you for your help. how do i know if i wasn't signed up for the membership?
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).