The issue seems to be more about fulfilling the contract from what I understand ( on both sides). If the contract was public it would hinder many from breaking it I believe. It has never been done officially using steem as far as I know. But looking at the workings of steem, it seems like it could be effective. Of course something made for exactly that on steem would be better. But that Memo Key feature and transfers makes a lot possible as is. It could be done using a post but that is editable.

Yes the legal action would have to take place incase of a breach but just the fact that the info is public ( or can be) many would save face and stick to it rather than get a bad rep. ( Well that is the hope)

the code may be the way to get things professional.