Once upon a time three little pigs were told a wolf was coming. It was a very large wolf and, to be fair, mostly their own.
The first pig built a house of straw. The second built a house of sticks. The third built a house of paper, signed by all three, in which each pig promised to inspect his own house, using his own inspector, and report the findings to himself.
The farmer arrived. He was delighted. He said the paper was morally binding. He said he was seeing tremendous self-policing.
Then the wolf came and huffed. The straw went. The sticks went. The paper did not fall down, because it was never standing up.
The pigs said it was fine, and it would all be safe.
I believe the paper exactly as much as I believe the pig who wrote it.