I have a provisional patent for a product that I have been developing. I had a meeting last weekend with two individuals and we have verbally agreed to form a partnership. The partner who will be responsible for all of the financial responsibilities as well as funding the project is having his attorney draft up a partnership agreement.
After getting to know this individual over the past week I am having serious concerns about moving forward on this. If I decide that I no longer wish to have these individuals as partners is the verbal agreement binding or is nothing really official until a written agreement is signed by all parties?