Imagine you have an opportunity to play in the Main Event of the World Series of Poker. An online poker room has agreed to pay your entry fee if you can find some celebrities to wear gear with the name of their poker room on it. Along the way you have someone help you find celebrities and promise him half of anything you win. You may recognize this as the story of Jamie Gold. I won’t bore you with details of the thrilling lawsuit and countermotion because those have been covered extensively by the media. Instead here are some of the lessons learned from this unfortunate part of World Series Of Poker history.

Prior to the start of the WSOP Leyser believed he had a contract with Gold. Gold characterized his promise to pay as a gift. If Leyser was right Gold would have contractual obligations. If Gold was right it was his belief he owed nothing.

Getting something in writing could have saved a lot of time and expense. Leyser should have just written something down and had Gold sign it, even if it was just on a cocktail napkin. If you are promised some portion of a purse, a flat amount or a percentage, write down the terms of the agreement and make sure it is signed by both of you. This will not guarantee you would win a lawsuit but it can serve as a crucial piece of evidence that there is a contract that should be honored.

Leyser did not know Gold very well. They only knew each other for a few months prior to the WSOP. It is likely neither man really trusted each other to honor whatever agreement they had. The first thing you should do if there is a conflict is to find a good local attorney. You need to be aware of your rights. Large sums of money and dealing with a stranger is a recipe for disaster. You don’t need the big name lawyer, but you do need someone with experience in the field (in this case contract law) and someone who knows the local court and its rules. It’s ok to get a lawyer and most people would encourage it. Having an agreement in writing and signed prior to the event would be ideal.