I’m a relationship type of person. I prefer to deal with people I can trust. My word is my bond. I’d prefer to deal with others whose outlook and approach is the same, and whose word is their bond. Not to be cynical, but even if you are like me, don’t for a minute believe everyone else acts the same way. Folks, it’s a dog eat dog world out there!
The writing can be short and sweet. You may be able to generate it yourself without retaining a law firm, and it doesn’t need to include all of the legal boilerplate.
But if the agreement or understanding relates to relates to how you plan to earn income and support yourself and your family, please reduce a business agreement between two or more people to writing. The basic terms and provisions should be written down and the document should be signed.
And a post script.
It will be difficult, if not impossible, to prove the terms of an “agreement” and enforce it if you failed to reduce the agreement to writing. In this situation, if a “misunderstanding” develops, just walk away. Walk away but in the future always remember to reduce business agreements and understandings to writing!