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yes, If the parties involved agree that the decision made will be legally binding
Sealed or not, if the bid was offered and it was accepted, yes, it is legally binding.
No, they are not legal satutes; but a journalist who violates them can find himself blackballed by the journalism community pretty quickly.
Yes that is why they have them, to protect oneself and ones property. It's like a contract.
Yes, if it is properly worded by the lender and signed by the borrower.