Unless there was a legal advisor present or a witness from a financial institution and the other party's name is not in the agreement to go along with those initials (and witnessed by a third party) then I'm sorry to say you have a problem. Without proper witness' initials mean nothing without the party being mentioned in the agreement. It would be advisable to seek legal counsel.
a contract is LEGALLY BINDING, an agreement is not necessarily legally binding depending on the circumstances
A contract is a legally binding agreement between two or more parties.
A Legally Binding Agreement.
A contract is a legally binding agreement between two or more parties.
A contract is a legally binding agreement.
It is not legally binding
Contracts are legally binding on both parties to them.
Generally speaking, an agreement in principle precedes a contract. The contract is enforceable but the agreement is not.
False
You can draft a contract that states the terms of sub-letting the office space, and get both parties to sign it. This will make the agreement legally binding.
No. Not Florida, but maybe Texas. A verbal agreement, like a wedding vow would be binding. To "unwind" the verbal agreement will probably require a divorce lawyer.
What you are creating is more of a "Gentleman's Agreement" than a contract. It is not legally binding but depending on the conditions, if both parties trust one another, it could work for a simple room agreement.