In BDSM, there is a relationship dynamic, called Master and slave, or M/s. In M/s relationships the Master yields the power over the slave in the relationship, via total power exchange. Many of these M/s relationships come with contracts (a.k.a., slave contracts, M/s contracts, D/s contracts, BDSM contracts, etc.), albeit not recognized under contract law. For a crash-course lesson in contracts, see the Wikipedia article on "contract". Not to be taken as legal advice, but it can help in the M/s side of things.
There are the "elitists" of the M/s dynamic who claim all contracts should be taken seriously. However, if they talk about contracts, but know little to nothing about contract law, this is a bad dom. (Side note: I'm not a "one twue ism" kind of person, but it seems kind of obvious if you're in a M/s as a 24/7 lifestyle choice, then you must know how contracts work before you should be taken seriously as a Dom)
For example, under contract law, a contract is enforceable when all parties involved enter so voluntarily and with informed consent. Meaning if a Master talks a new slave into a contract, sure there is consent, but not informed consent. Without the latter, the contract is void. The purpose of the contract must be lawful, which would help if there were stipulations preventing the Master from ordering the slave to do illegal things. Unconscionability is a thing, which prevents contracts from being one-sided or unjust - this would require the Master to stipulate their responsibilities and obligations.
The "elitist" Masters will say this is not "true" M/s since the slave gets to have a say in things, or that this is topping from the bottom. Both untrue, of course. If it's pure fantasy for you, then sure you have a point, and you can have whatever contract you wish. However, if it's 24/7 lifestyle, then the Master, and the slave, should have some knowledge on how a contract is formally written and notarized.
Here is usually where the straw man argument that these kinds of contracts are not recognized under contract law and it doesn't matter. True, that they're not recognized under current contract law. But first, that may not always be the case. And second, does that truly matter in the eyes of someone who takes contracts seriously? No. They would treat these contracts seriously.
Speaking of seriously, what if a slave violates the contract or changes their mind after signing the contract? The "elitists" would want to burn them at the stake. If the contract doesn't look formal, then I say the slave is just guilty of being an amateur and should learn the lesson - understand how contracts work. If it looks formal and serious, assuming the responsible thing of having an exit clause was ignored, then the slave should leave the contract with a bad reputation. Just like Masters should be if they enter into a silly contract. Reputation is the name of any reputable community. Without reputation, we don't really know each other.
There is a lot more to say on the subject, and if this is taken seriously an essay ought to be considered, but I'll leave it here. Contracts are formal, written agreements that should be taken seriously. If not, then what's the point?
Originally on my Fetlife.com profile (must be a member to view it, which is free to do, and the site itself is NSFW): https://fetlife.com/users/3537229/posts/2683406