When Jeremiah (a prophet of old) bought property from a relative, he made a written record of the transaction before witnesses. So today, having a clear, well-prepared written agreement helps to prevent misunderstandings. On the other hand, failure to have a written agreement is often a contributing factor when business problems arise between parties. Such problems can result in heartache and bitterness, which adds up to stress. We can certainly do without the added stress! Crossing our t's and dotting our i's (a figure of speech) can protect us from all sorts of negative things that can, and will come back to haunt us.
When entering into a business partnership or buying a piece of property or lending money to someone, have the terms written down and even notarized. Why you may ask? One reason is that both parties have made a commitment, and it is to the advantage of both to have the terms in writing. That way if one party dies, disappears, or simply loses his memory, the terms are still legally binding.
So as a reminder, when signing legal documents or drawing up a business plan have it notarized.