i wrote a letter 10 years ago with my signature and somebody's signature on it, is it a legal paper?

It's impossible to say with such little information, what were the details of the agreement? why did you promise the person this money? did you recieve anything in return for this promise? If the details you give are the entirety of the agreement and you simply signed a letter saying you would give somebody else some money for no apparent reason then no it would not be a legal agreement.

In order for there to be a contract your promise to pay the money would have to be in return for an act or a promise from the other party. There would have to have been consideration given for the promise and there would need to be intention to create a legal agreement.

For it to have been a contract under English law, they would have to have given you something of value in return - a thing or an act or a forbearance. If they didn't, it may not be a contract but may well still be enforceable. Is it a deed? Probably not based on the information provided. Is it promise on which the other person relied, changing their position such that your failure to honour the promise puts them at a disadvantage?

First things first: Has the person asked for the money? If so, you have to decide whether to pay, to refuse or to dispute the legality of the document. If they object to a refusal and take legal action, you will need to explore the legality anyway but you may wish to defer that expense until it is forced on you.

It would unwise to rely on any information provided in Yahoo Answers so you should talk to a lawyer if the need arises.

My guess is you won't be doing that again!

Based on current US law, if the other person had a reasonable expectation of completion at the time you signed it (if it wasn't like a game you played when you were 5,or something similar) then what you have is a legally binding written contract.

There is also no legal requirement for a contract to be witnessed or notarized.

They can take you to court for the money, and if you do not pay up then a judge can order bailiffs to seize the money.

If you were a minor when you sigh it is not legal. If the contract does not state that there was an exchange of a good or service for the money promised and there was non, it NOT a contract and generaly not legally binding...Plus there is such a thing as "unfair contracts" under the law. More specific information would help greatly...the law isn't black and white, that's why we have lawyers! :D

It depends whether you promised to give them money in return or payment for something and whether they did that thing or not.

As a legal contract requires consideration which means something in return for something else.

If it is just promise for a gift of money then it is not legally enforceable.

Whether it is legal or not morally if you owe a debt you need to step up and pay it. I'm hopping your more responsible than Bugs Bunny.

The only way you could get out of it is if its like a ridiculous some of money that you couldnt't possibly pay back and a judge diclairs so. But if you really barrowed it and you signed what seems to be an "I owe you" then you will be held accountable.

Well you shouldn't go signing things and making promises you won't keep. Why not be a person of your word do what you promised.

Yes, it's a signed contract.

Very much legally binding.