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All employment agreements are legally binding on the employer and, therefore, employers are best served by having them drafted and reviewed by an experienced employment law attorney. Contract law is a particularly complex discipline that relies largely on common law, which is law as developed by judges and court cases.
No matter what's in your contract, your old employer can't stop you taking a new job unless it could lose them money. For example if you might: take customers to your new employer when you leave. start a competing business in the same local area.
A contract of employment does not need to be signed for it to be a binding agreement between the parties as acceptance of its terms can be either verbal or implied through conduct. That is if an employee works in accordance with the terms of the contract without protest you can presume that they are accepted.
Any proposed change or variation to your contract should be negotiated (discussed) with you. That is, one party cannot legally change the contract without the consent of the other party. Just because an employer wants to change the contract does not mean you have to accept the change.
Generally, to be valid and enforceable, a contract must be signed by all parties. But recently, the Eighth Appellate District Court enforced the arbitration provision of a contract that was signed by only one party, demonstrating that a valid contract may form even if all parties have not signed the document.