How legally binding is Bilbo's contract in The Hobbit?

If you've seen the first Hobbit movie — or perchance read the book, I've heard it's been out for a while — you'll remember the scene where the dwarves hand Bilbo a contract to sign before going off on their adventure. In the grand tradition of taking non-serious, nerdy things waaaay too seriously, Wired had lawyer James Daily examine the entirety of the contract to see how well it would — or wouldn't — hold up in an actual court of law. It's actually kind of fascinating, especially if you imagine this contract is the only thing keeping Bilbo from eventually suing Thorin on Middle-Earth's equivalent of Judge Judy. I'm thinking it's Barrister Bombadil, personally.

You can read Daily's entire analysis here.