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Ask Asad Rahman Your Own Question
Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2185
Experience:  Practicing Attorney with 10 years experience
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I as a new member of a startup team came in as an investor.

Customer Question

I as a new member of a startup team came in as an investor. After much deliberation the team agreed on set terms and we formulated a contract. This contract was then emailed to all teammates with the following message
"This contract that has been attached will be the final terms everyone is agreeing on. Both the parties will sit down with a lawyer to put everything in legal terms. As of now we are agreeing on the spirit of the contract. Work starts IMMEDIATELY."
Now after internal politics a few team members are attempting to back pedal. While the contract wasn't signed is this still enforceable in a California court?
Submitted: 1 year ago.
Category: Business Law
Customer: replied 1 year ago.
Also, just to be clear the other 'signer' nor I can be voted off by the board. We are tied to the company for 3 years.
Expert:  Asad Rahman replied 1 year ago.
Was that document signed at any point?
Customer: replied 1 year ago.
The document was not signed
Customer: replied 1 year ago.
Subsequent equity agreements were made acting upon this initial agreement.
Expert:  Asad Rahman replied 1 year ago.

As long as no one objected immediately I believe a judge would be deemed valid and enforceable.

Customer: replied 1 year ago.
That's right the subsequent equity agreements made to individuals were made weeks after working under the initial agreement
Expert:  Asad Rahman replied 1 year ago.

And if they aigned those they teally have no basis to renege now.

Customer: replied 1 year ago.
Nothing was signed physically. This was the text associated with one of the subsequent equity agreements.Anthony Altieri, Martin, and Arnav have agreed upon the spirit of the terms in the attached agreement. The final agreement will reflect these terms but in legal language and a more robust agreement.Onwards,
Customer: replied 1 year ago.
I apologize for the bantering I just want to give you all the information possible. Thank you for your support.
Expert:  Asad Rahman replied 1 year ago.

I think you have a strong basis to proceed.

Customer: replied 1 year ago.
Thank you