Are compensation or penalties required for an NDA?
I’m looking at an NDA I’ve been asked to sign regarding discussing an invention with a potential partner.
They’re in the mfg business, I’m coming to them with an idea & prototype.
While I know it would be in my best interest to have a lawyer look over the agreement, the amount of money involved is so small that any potential profits would be tied up in getting a lawyer involved.
So, the question: my basic understanding of contract law is that some compensation (peppercorn principle) must transact for a contract to be binding. This agreement calls out none. Additionally, no penalties are called out in the NDA for breach of contract.
Should I worry about it?
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